Japan's current account surplus nearly doubled compared to the previous year.
According to the preliminary balance of payments data for 2023 released by Japan's Ministry of Finance on the 8th, the current account surplus reached 20.6295 trillion yen (approximately 185 trillion won), an increase of 92.5% from the previous year. The resolution of the semiconductor supply shortage necessary for automobile production led to an increase in export value, and the decline in the sharp rise of raw material prices contributed to a decrease in import value.
The deficit in the service balance also decreased compared to the previous year. This was due to the expansion of the travel balance surplus as the number of foreign tourists visiting Japan increased.
The current account surplus for December last year was recorded at 744.3 billion yen (approximately 6.7 trillion won), about 78 times that of the same month the previous year. Japan's current account surplus has been recorded for 11 consecutive months since February last year.
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