Japan's current account surplus falls 54.5 percent

Currency traders in Tokyo. Japan's current account surplus in April fell 54.5 percent from a year …

TOKYO (AFP) – Japan's current account surplus in April fell 54.5 percent from a year earlier as exports remained slow amid the global economic downturn, official data showed.
The surplus dropped to 630.5 billion yen (6.39 billion dollars) against a surplus of 1,385.9 billion yen a year earlier, the finance ministry said.
It was the 14th consecutive monthly drop as exports fell at a faster rate than imports. Exports were down 40.6 percent to 3,915.1 billion yen, while imports dropped 37.8 percent to 3,730.8 billion yen.
The data came amid expectation of an upswing in the coming months, with output in some sectors starting to pick up following months of painful production cuts and inventory adjustments.
The account balance should stay in surplus in the coming months, with exports expected to pick up while imports are likely to remain sluggish, Mizuho Research Institute analyst Atsushi Matsumoto said.
"While exports are likely to get some support from the global recovery, cheap prices of crude oil -- which makes up a big part of (Japan's) imports -- could cause imports to slightly decline," he told Dow Jones Newswire.
"That means that Japan's current account will likely keep posting surpluses," he said.