The healthy global economy is supporting export growth, as is the yen, which has been weaker than last year.
Imports on the other hand are up because of rises in oil prices. Still, on a volume basis exports are growing more than imports.
This year we have hit record highs for consolidated net sales, consolidated operating income and consolidated net income. These favorable results are due to a continued increase in domestic and overseas car production for Japanese auto manufacturers.
Our goal is to strengthen our global risk management through this captive insurance company.
The size of the income surplus is approaching that of the trade surplus, and this is a trend worth watching.
The wider-than-expected deficit is due to high oil prices, which have now peaked. The growth in the value of imports will not last as we expect crude prices will cool later this year.
A surge of some 20 percent in exports in February reflects the booming global economy, one example of which is growth in vehicle exports to North America.
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