Japan's trade surplus dives 99% in March as exports plunge

Japan's trade surplus dives 99% in March as exports plunge

HONG KONG (MarketWatch) -- Japan's trade surplus shriveled by 99% in March from the year-earlier month as exports tumbled even more rapidly than the sharp decline in imports, official data showed Wednesday. The trade surplus for the month was 10.96 billion yen ($109.6 million), compared with 1.1 trillion yen in March 2008, according to provisional figures. Despite the small surplus in March, Japan's trade balance for the year ended March 31 showed a deficit of 725.3 billion yen, the country's first trade deficit in 28 years, according to Kyodo news service. Japanese exports dropped 16.4% to 71.1 trillion yen, while imports narrowed 4.1% to 71.9 trillion yen