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To: StanX Long who wrote (63034)	4/21/2002 11:03:53 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Japan's March Trade Surplus Rises as Imports Slump (Update3) By Daisuke Takato quote.bloomberg.com Tokyo, April 22 (Bloomberg) -- Japan's trade surplus rose more than expected in March as slumping demand for factory equipment and oil pushed down imports and a global economic recovery aided exports. The surplus rose to 1.06 trillion yen ($8.1 billion), seasonally adjusted, last month, from a revised 676 billion yen in February, the Ministry of Finance said. Economists had expected an 825 billion yen surplus. Exports rose 2.4 percent and imports dropped 8 percent. The third straight gain in exports suggests companies such as Honda Motor Co. may help pull the world's second-biggest economy out of an 18-month recession. The slide in imports shows sagging domestic demand may constrain any recovery, economists said. The drop in imports ``shows domestic demand is still very weak,'' said Eishi Yokoyama, an economist at Chiyoda Life Capital Management Ltd. ``A rebound in exports doesn't automatically put Japan on a recovery path.'' Imports of oil and fuel and semiconductors led the 12.7 percent decline in imports from a year ago, suggesting companies are still reluctant to increase spending after last year's manufacturing slump. The ministry doesn't provide a breakdown of the monthly changes for imports and exports. ``This is not good news as electronic equipment is the main source of growth in manufacturing,'' said Marshall Gittler, head of Asian currency strategy at Bank of America. ``Exports are really the only optimistic part of the economy.''