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TOKYO - JAPAN's trade surplus in June plunged 88.9 per cent from a year earlier as demand slowed overseas for Japanese goods due to a cooling US economy and a stronger yen, the finance ministry said on Thursday.
Trade surplus in May came to 138.63 billion yen (S$1.75 billion dollars), falling from 1.25 trillion yen in June 2007, dropping for the fourth straight month, official figures showed.
The figure was far below analysts' forecast of 449.7 billion yen, according to a survey conducted by the Nikkei business daily.
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Oil imports rose 54.7 per cent year on year, while those of liquefied natural gas climbed 56.5 per cent and coal imports soared 149.5 per cent, the ministry said.
Japan's trade surplus with the United States shrank 40.2 per cent, with exports dropping 15.4 per cent as the world's largest economy struggles due to fallout from the subprime mortgage crisis.
Higher fuel prices and credit woes stemming from the subprime mortgage crisis have dented US consumer demand, hitting Japanese automakers hard.
Car exports fell 14.2 per cent, auto parts dropped 24.0 percent while factory engines were down 17.1 per cent.
But overall exports of Japanese cars slipped a mere 2.5 per cent as demand is largely supported by emerging economies including in Asia.
Trade surplus with the rest of Asia fell 6.3 per cent with deficits with China narrowing 65.5 per cent.
Surplus with the European Union fell 28.8 per cent amid a cooling economy. -- AFP
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