Japan’s Trade in Services By Jaime Niño1 2 3 4 >>
Jun 7, 2001
Japan exports of services that constitute roughly 15% of all exports of goods and services increased 14% in March with respect to the same month in 2000 and reached a record level of ¥ 802 billion. Imports of services that are 25% of all imports of goods and services registered a 3% growth in the same period and reached ¥ 1.1 trillion. As a result of fast growth in Japanese services exports, the services trade deficit in March decreased to ¥ 363 billion from ¥429 billion posted in March 2000.
The fast growth of Japanese services exports in March 2001 with respect to the same month the year before is explained by a record high growth in all services exports categories. Travel services in the last year present a record 18% growth in exports while exports of other services that include financial services, telecommunications and professional services increased by 14%. Transportation services exports growth also picked up in March reaching a 13% increase from March 2000.
Although growth of Japanese services exports in March 2001 is part of a recovery trend that started in February 1999, after the economies in South East Asia had resumed economic growth, the ¥ 802 billion posted in March is extraordinary and represents a 28% increase from exports in February 2001. Imports in March 2001 also registered a substantial 17% increase from the month before in what is a clear departure from an already fast recovery trend that started in March 2000.
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