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Foreign trade figures of Japan

Foreign Trade in Figures

Foreign trade is an essential element of the Japanese economy, but the country is not fully open and imposes extensive non-tariff barriers, especially in the agricultural sector. Japan is the world's 5th largest exporter and 4th largest importer of goods, and foreign trade accounts for 37% of the country's GDP (World Bank, 2023). Japan mainly exports motor vehicles (18% of all exports) being the second exporter of cars worldwide, machinery (19%), electrical, electronic equipment (16%), commodities (6.4%), optical, photo, technical, medical apparatus (5.7%) and iron and steel (4%). The country's main imports include Mineral fuels, petroleum oils and distillation products (20%), electrical, electronic equipment (15%), Machinery (9.2%), pharmaceutical products (4.8%) and ores, slash and gas (4.5%).

Japan’s main partners are China (23%), the United States (19%), South Korea (7.5%), Hong Kong (5%), and Thailand (4.7%). The country mainly imports from China (25%), the U.S. (11%), Australia (7.1%), South Korea (4.3%) and Saudi Arabia (3.7%). Japan is the EU’s second-biggest trading partner in Asia after China, and together they both account for about a quarter of the world's GDP. The two parties signed an Economic Partnership Agreement, which entered into force in 2019. Moreover, Japan signed the Regional Comprehensive Economic Partnership (RCEP), arguably the largest free trade agreement in history (its signatories include China, Australia, South Korea, etc., cumulating about 30% of global GDP). The RCEP agreement entered into force on 1 January 2022.

The country traditionally has a large trade surplus; however, in recent years the balance turned null. That was mainly due to plummeting shipments to China and regional markets, as the global pandemic-induced crisis took its toll on the trade-reliant economy. According to WTO, Japan's exports of goods reached USD 756 billion (+18% year-on-year) in 2021, while imports amounted to USD 769 billion (+21% y-o-y). Concerning the service sector, exports decreased 23% to USD 164 billion, whereas imports lost 10% (USD 205.2 billion).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 748,488720,957635,460768,976897,242
Exports of Goods (million USD) 738,143705,564641,319756,032746,920
Imports of Services (million USD) 203,379219,427198,186208,511209,555
Exports of Services (million USD) 194,130209,501163,954169,955166,695

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 36.635.231.436.9n/a
Trade Balance (million USD) 10,5871,36126,64716,706-117,435
Trade Balance (Including Service) (million USD) 1,405-8,615-7,598-21,811-158,671
Imports of Goods and Services (Annual % Change) 3.81.0-6.85.1n/a
Exports of Goods and Services (Annual % Change) 3.8-1.5-11.611.7n/a
Imports of Goods and Services (in % of GDP) 18.317.815.818.7n/a
Exports of Goods and Services (in % of GDP) 18.317.515.518.2n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 1.02.42.42.01.7
Volume of imports of goods and services (Annual % change) -2.32.43.12.42.4

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Japan is a member of the following international economic organisations: Asia-Pacific Economic Cooperation (APEC), Association of Southeast Asian Nations (dialogue partner of ASEAN Plus Three), G-5, G-7, G-8, G-10, G-20, IMF, OECD, among others. For the full list of economic and other international organisations in which participates Japan click here. International organisation membership of Japan is also outlined here.
Free Trade Agreements
Japan is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by Japan can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
China 19.4%
United States 18.7%
South Korea 7.2%
Hong Kong SAR, China 4.4%
Thailand 4.3%
See More Countries 45.9%
Main Suppliers
(% of Imports)
2022
China 21.0%
United States 10.1%
Australia 9.8%
United Arab Emirates 5.1%
Saudi Arabia 4.7%
See More Countries 49.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

746.7 bn USD of products exported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 11.6%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 4.5%
Machines and apparatus of a kind used solely or...Machines and apparatus of a kind used solely or principally for the manufacture of semiconductor boules or wafers, semiconductor devices, electronic integrated circuits or flat panel displays; machines and apparatus specified in note 9 C to chapter 84; parts and accessories, n.e.s. 4.1%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.0%
See More Products 73.9%
898.6 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 11.2%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 8.0%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 6.6%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 3.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.2%
See More Products 67.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023

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