経常黒字、海外への投資頼み　　気ままなリライト142

23年度の経常黒字、最高の25.3兆円　資源高一服で - 日本経済新聞

In fiscal 2023, Japan's current account demonstrated an improved overall balance despite limited gains from trade activities. This record-high positive balance was driven by unprecedented income from foreign investments and a reduction in the trade deficit in goods. Despite a lingering negative balance in goods and services transactions, Japan's financial health was bolstered by a robust primary income balance, with substantial earnings from overseas investments, including dividends, interest, and profits.

The current account, reflecting Japan's trade balance (transactions in goods and services) and primary income balance, reached a record high of 25.3 trillion yen in fiscal 2023, nearly 2.8 times that in the previous year. In March alone, it amounted to 3.3988 trillion yen, marking a 44% year-on-year growth.

A steady positive primary balance, driven by earnings from investments abroad, played a vital role in achieving a record high overall current account in fiscal 2023. Primary income increased by 0.6 %, reaching 35.5312 trillion, marking a record high growth.

A narrowing gap in transactions of goods between imports and exports has also contributed to the exceptional rise in the overall current account in fiscal 2023. The trade deficit in fiscal 2023 was reduced to 3.5725 trillion yen, a nearly 80 % drop from the previous year. While the import amount decreased by 10.3 % year-on-year, recording 105.4391 trillion yen, the export amount increased by 2.1 % year-on-year, reaching 101.8666 trillion yen. This marks the first time exports have surpassed the 101 trillion yen threshold, driven by a strong trend of exporting automobiles to North America.

The import volume of goods has been influenced by the volatile changes in resource prices, such as crude oil and LNG. Between fiscal 2022 and fiscal 2023, a 16.3% drop in crude oil prices countered the yen's 6.7% depreciation from 135.43 yen to 144.55 yen. Consequently, the crude oil price decreased by 10.7%, reaching 78,868 yen per liter. This reduction in price contributed to a lower import volume in fiscal 2023, in contrast to the higher import volume in fiscal 2022, which was considerably affected by the dual impact of soaring oil prices and a weakening yen.

Transactions in services showed a negative trend despite the trade deficit in services such as tourism, banking, and consulting shrinking by more than half to 2.4504 trillion yen. The influx of international tourists into Japan, which is counted as an export of services, boosted service export revenues to 4.2295 trillion yen, 3.6 times higher than the previous year. Heavy spending on outsourcing advertising jobs to major IT companies abroad greatly impacted the import of services, ultimately causing the value of imports to exceed that of exports.