6 Foreign Trade, Balance of Payments and International Cooperation This chapter covers exports and imports, the balance of payments, and international cooperation. The section on exports and imports contains statistics on the value of exports and imports; and indices of foreign trade. The section on balance of payments contains statistics on balance of payments, foreign investment in Japan and Japan's investment overseas, the international investment position of Japan, foreign exchange rates, and gold and foreign exchange reserves. The section on international cooperation contains statistics on economic cooperation. Foreign Trade Statistics These trade statistics are made for the purpose of contributing to the economic policy of a country and public institutions, and for documenting the economic activities of private enterprises by the Ministry of Finance and Customs in Japan by grasping the conditions of trade, and facilitating comparison with the foreign trade of other countries. The statistics, also called customs clearance statistics, are tabulated monthly based on export declarations, re-export declarations, import declarations, applications for approval of entrance of foreign goods into a bonded warehouse or bonded manufacturing warehouse, etc. submitted by exporters and importers when export or import goods pass through customs houses. These statistics are counted in principle, for exports, as of the day when the ship or aircraft carrying goods departed from a port, and for imports, as of the day when the import was licensed or approved. Export prices are based on f.o.b., and import prices on c.i.f. Names of countries refer to the countries (places) of destination for exports, and the countries (places) of origin of imported goods. If these are unknown, loading countries (places) of imported goods are shown. Conversion into Japanese yen is based on the foreign exchange rates published weekly by the superintendent of customs (weekly average of effective market rates two weeks before the week to which the declaration day of export or import belongs). Index of Foreign Trade The indices are derived from the Foreign Trade Statistics mentioned above. They are computed using value indices, unit value indices, and quantum indices. All of them are compiled every month by the Ministry of Finance. The present indices adopt 2015 as their base period. The amount indices are calculating the change in the amount of export and import by dividing the amount of export and import in comparison time by the amount of exports and imports in the base year. Unit value indices are computed by the Fisher-type formula, and the quantum indices are obtained by dividing the value indices by the unit value indices. As regards the export and import price indices, see "20 Prices." Balance of Payments Statistics Balance of Payments Statistics is a statistical statement that systematically summarizes the economic transactions of an economy with the rest of the world during a period. It is compiled by the Bank of Japan, which is entrusted by the Minister of Finance. Transactions between residents and nonresidents are recorded under the following accounts according to their nature: (1) the current account for transactions in goods, services, and income, as well as current transfers; (2) the financial account for transactions involving increases/decreases in external financial assets and liabilities; and (3) the capital account for transactions innonproduced, nonfinancial assets and capital transfers. Japan's BOP statistics are compiled in accordance with the Balance of Payments and International Investment Position Manual published by the International Monetary Fund (IMF). A significant change concerning transactions was made to the Balance of Payment Manual in January 2014. Major components after the revision are "Current account", consisting of "Goods", "Services", "Primary income" and "Secondary income", "Capital account" and "Financial account". 6 Foreign Trade, Balance of Payments and International Cooperation 169
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