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TOKYO : Japan's trade surplus tumbled by a worse than expected 46.3 percent in April due to the rising cost of energy imports and falling exports to the US economy, the government said Thursday.
The data showed that Asia's largest economy continues to be pressured by a global economic slowdown, although brisk shipments to fast-growing emerging markets are helping to cushion the blow, analysts said.
Exports to the European Union grew at the slowest pace in more than two years.
But overall export growth picked up slightly from the weakest pace in three years in March, raising hopes that Japan's economy can continue its recovery from a slump stretching back more than a decade.
Japan had a trade surplus of 485.0 billion yen (4.71 billion dollars) in April, the finance ministry reported.
Market forecasts had been for a less severe decline of 21.7 percent to 707.2 billion yen, according to a survey by the Nikkei business daily.
Japan's trade surplus fell for a second straight month after a 30.5 percent decline in March, according to revised figures.
Exports rose 4.0 percent to 6.90 trillion yen, after an increase of just 2.3 percent in March. Imports rose 11.9 percent in April to 6.41 trillion yen.
The total value of oil imports jumped 55.0 percent year-on-year, while that of liquid natural gas soared 65.8 percent, the ministry said.
"In addition to the weakness of exports to the United States, exports to the European Union are slowing down," a ministry official said.
"We need to assess closely if the recent slowdown of shipments to the European Union signals changes to the business cycle there," he added.
The trade surplus with the European Union fell 3.2 percent as exports rose just 1.3 percent, the weakest pace since October 2005.
The trade surplus with the US declined by 11.5 percent from a year earlier due to the falling dollar and sluggish demand amid a credit crunch.
US-bound exports dropped 9.1 percent, down for an eighth straight month. But car exports held up, rising 1.7 percent.
"Exports of autos improved and there is speculation that US consumption in April picked up compared to the previous year. But the overall trend is negative," said Tomoko Fujii, a senior economist at Bank of America.
Weaker US demand for Japanese products was cushioned by a 17.2 percent increase in the trade surplus with Asia, the ministry said.
The trade deficit with China was halved as exports to the country surged 14.1 percent with car shipments up 86.8 percent.
- AFP /ls
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