Japan posted a trade surplus of 301.9 billion yen (about 1.9 billion U.S. dollars) in April for the third straight month in the black on robust exports and a sharp drop in oil imports, government data showed Thursday.
Exports increased 14.8 percent to 10.51 trillion yen, driven by demand for semiconductors and other electronic devices, while imports gained 9.7 percent to 10.21 trillion yen, the Finance Ministry said in a preliminary report.
Japan's crude oil imports from the Middle East plunged over 67 percent to 3.84 million kiloliters in April from a year earlier, the lowest single-month level since comparable data became available in 1979, the report said.
The country, which relies heavily on the Middle East for its oil purchases, has accelerated efforts to procure fuel from alternative sources, including the United States, since the U.S.-Israeli attacks on Iran led to the effective closure of the Strait of Hormuz, a globally vital shipping route, Kyodo News reported.
The value of Japanese oil imports from the United States increased by 118.2 percent from a year earlier, the data showed.