Japó: Visió econòmica i política
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 | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 671,434 | 748,488 | 720,957 | 635,460 | 768,976 |
Exports of Goods (million USD) | 698,367 | 738,143 | 705,564 | 641,319 | 756,032 |
Imports of Services (million USD) | 190,822 | 201,377 | 204,384 | 182,711 | 207,337 |
Exports of Services (million USD) | 181,599 | 189,404 | 202,891 | 156,351 | 167,851 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 34.4 | 36.6 | 35.2 | 31.4 | 37.4 |
Trade Balance (million USD) | 43,836 | 10,587 | 1,361 | 26,647 | 15,878 |
Trade Balance (Including Service) (million USD) | 37,636 | 1,405 | -8,615 | -7,598 | -22,513 |
Imports of Goods and Services (Annual % Change) | 3.3 | 3.8 | 1.0 | -7.2 | 5.1 |
Exports of Goods and Services (Annual % Change) | 6.6 | 3.8 | -1.5 | -11.8 | 11.8 |
Imports of Goods and Services (in % of GDP) | 16.8 | 18.3 | 17.7 | 15.8 | 19.0 |
Exports of Goods and Services (in % of GDP) | 17.6 | 18.3 | 17.4 | 15.6 | 18.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 4.9 | 4.0 | 1.9 | 2.0 | 1.8 |
Volume of imports of goods and services (Annual % change) | 7.9 | 4.3 | 1.7 | 2.1 | 1.9 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
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% |
Singapore | 3.0% |
Germany | 2.6% |
Vietnam | 2.5% |
Australia | 2.2% |
Malaysia | 2.2% |
Indonesia | 2.0% |
India | 1.9% |
Netherlands | 1.7% |
Philippines (the) | 1.6% |
United Kingdom | 1.5% |
Mexico | 1.5% |
Canada | 1.2% |
United Arab Emirates | 1.1% |
Belgium | 0.9% |
France | 0.9% |
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% |
South Korea | 3.7% |
Indonesia | 3.2% |
Thailand | 3.0% |
Vietnam | 2.9% |
Malaysia | 2.9% |
Germany | 2.5% |
Canada | 1.8% |
Russia | 1.7% |
Qatar | 1.5% |
Italy | 1.3% |
Brazil | 1.2% |
Philippines (the) | 1.2% |
France | 1.1% |
South Africa | 1.1% |
Kuwait | 1.1% |
See More Countries | 49.2% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
205.3 bn USD of services exported in 2019 | |
22.82% | |
22.71% | |
22.43% | |
Personal travelPersonal travel | 20.42% |
Business travelBusiness travel | 2.01% |
12.75% | |
6.95% | |
5.15% | |
3.40% | |
2.21% | |
1.13% | |
0.46% |
195.7 bn USD of services imported in 2019 | |
34.06% | |
17.51% | |
13.42% | |
10.87% | |
Personal travelPersonal travel | 9.20% |
Business travelBusiness travel | 1.67% |
10.58% | |
4.34% | |
4.15% | |
3.74% | |
0.96% | |
0.37% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023
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