Japan's surplus with Asia

Japan's surplus with Asia

TOKYO (AFP): Japan's current account surplus with Asia grew 30.5 percent to US$56.9 billion in the year to March, surpassing its surplus with the United States for the first time, the finance ministry said yesterday.

The surplus with non-communist Asian countries was almost entirely with the newly-industrialized economies of South Korea, Taiwan, Hong Kong and Singapore. Japan's surplus with these four economies grew 22.6 percent from a year earlier to more than $51 billion, also bigger than the surplus with America.

The country's current account surplus with the United States expanded only 14.3 percent to reach $50.8 billion in the same period, although the bilateral imbalance was the fourth-highest on record, the ministry said.

The surplus with the European Union narrowed 21.2 percent from a year earlier to $29.5 billion, but was still the second highest on record.

Among EU members, the surplus with Germany shrank 6.3 percent to $9.4 billion.