Japan's current account surplus dips

Japan's current account surplus was down 12.9 percent compared to the same period last year in July, mainly due to increasing imports, government data showed Monday.

The surplus in the balance of international payments, one of the widest gauges of trade for a country, dropped to 577.3 billion yen ($5.77 billion) despite a growth in direct investment income, Xinhua reported.

The goods trade balance logged a deficit of 943.3 billion yen, the biggest deficit for the month of July since comparable data became available in 1985, Japan's finance ministry said.

Imports grew 21.0 percent to 6,650.5 billion yen due to the yen's depreciation as well as increasing imports of natural gas and oil. Exports were up 11.5 percent to 5,707.3 billion yen.

The income account, which reflects how much Japan earns from its foreign investments, marked a surplus of 1,793.8 billion yen, up 24.2 percent, the highest for the month of July since 1985.