TOKYO (AP) -- Japan's trade surplus shrank 46.3 percent in April from a year earlier, largely due to surging imports of oil and natural gas, the Finance Ministry said Thursday.
The surplus fell to 485.0 billion yen ($4.71 billion) last month, marking its second straight monthly decrease, the ministry said.
Economists surveyed by Dow Jones and Nikkei had expected the surplus to decline 21.7 percent but the oil and gas imports offset increases in automobile and ship exports.
Overall imports grew 11.9 percent to 6.411 trillion yen ($62.24 billion) in April, while exports rose 4.0 percent to 6.896 trillion yen ($66.95 billion).
The nation's politically sensitive trade surplus with the U.S. fell 11.5 percent, marking the eighth straight month of decline, largely due to declining exports of auto parts and motorcycles, the ministry said. Food imports, including grain and meat, increased.
Japan's trade surplus with Asia rose 17.2 percent, rising for the first time in two months, due to growing auto and ship exports to the region, the ministry said. The trade surplus with China, however, fell 50.4 percent.