According to the balance of payments for the first half of 2026 released by the Ministry of Finance, the current account surplus was ¥17.4 trillion. It has been pointed out that the largest surplus item was not the trade balance, but rather the primary income surplus, which had reached the ¥21 trillion range.
The balance of payments results for the first half of 2026 released by the Ministry of Finance showed a current account surplus of ¥17.4292 trillion, a trade surplus of ¥742.1 billion, and a services deficit of ¥1.8223 trillion. The largest surplus item was the primary income surplus, which stood at ¥20.4914 trillion.
Looking at the movements in the first half of the year and in June alone, the current account recorded a deficit of ¥92.3 billion in June, while the primary income surplus narrowed. This indicates that the shift to a trade surplus contributed to the expansion of the overall surplus. The relationship between total exports and the trade balance shows a certain degree of consistency, but the relationship between an increase in export value and the current account surplus cannot be described simply.
Although June exports showed strong growth on a balance-of-payments basis, growth in volume was limited, while imports, including crude oil, were affected by rising prices. It is important to interpret the differences between the balance of payments and customs trade statistics, movements in volume and prices, and the effects of exchange rates separately. When translating this analysis into companies' IR materials, it is necessary to break the figures down by product, region, volume, unit price, and costs.
The article points out that the primary income surplus pushed up the current account surplus, while at the same time not denying the importance of exports. The impact of exports and overseas investment should be examined chronologically and by component when considering how to interpret each company's disclosures.