Japan trade surplus down nearly 89 percent

TOKYO, Japan (AP) -- Japan's trade surplus in June fell 88.9 percent from a year earlier marking the fourth straight month of decline, the government announced Thursday.

The Finance Ministry said the surplus shrank to 138.6 billion yen ($1.28 billion) as imports grew amid soaring oil prices and other commodities.

Overall imports grew 16.2 percent to 7.21 trillion yen ($66.76 billion) in June, while exports dipped 1.7 percent to 7.16 trillion yen ($66.30 billion), the ministry said.

Japan's politically sensitive trade surplus with the United States fell by 40.2 percent, down for the 10th straight month on slower exports of cars, auto parts and mineral fuels.

The nation's trade surplus with Asia dipped 6.3 percent, falling for the first time in three months due to rising imports of oil, natural gas and coal, the ministry said. The trade surplus with China fell 65.5 percent.

Japan's trade surplus in the first half of 2008, meanwhile, fell 42.1 percent from a year earlier to 2.959 trillion yen ($27.40 billion), the ministry said Thursday. Imports grew 10.5 percent, outpacing exports that increased 3.9 percent