Last year, Japan’s trade deficit recorded 9.2913 trillion yen (approximately 84.426 trillion won), a significant decrease of 54.3% compared to the previous year.
On the 24th, Nikkei Shimbun and Jiji News Agency cited the 2023 trade statistics of the Japanese Ministry of Finance and reported that the trade balance, calculated by subtracting imports from exports, had such a deficit.
The trade deficit has been running for three consecutive years, but as the price of resources such as energy, which had been soaring, fell, the amount of imports decreased significantly, reducing the deficit by half.
Last year’s export amount reached a record high of 100.8866 trillion yen, up 2.8% from the previous year. This was thanks to the global consumption recovery following the calming down of COVID-19.
Exports to the United States and the European Union (EU) have increased for three years. Exports to the US amounted to 20.2668 trillion yen, up 11.0% from the previous year, and to the EU also increased by 10.9% to 10.3741 trillion yen.
However, exports to Asia and China decreased by 5.2% and 6.5%, respectively, compared to the previous year.
Items such as automobiles and motor vehicle parts, construction and mining machinery, and ships showed good sales.
Regarding the increase in exports last year, the market pointed out that “the continued low yen continued in 2022, which had a significant impact on the rise in export prices.”
Last year’s import amount was 110.1779 trillion yen, a 7.0% decrease from the previous year. It decreased in 3 years.
Imports of crude oil, coal, and liquefied natural gas decreased significantly by 16.1%, 24.7%, and 22.6%, respectively.
Japan’s trade deficit in 2022 reached 2,0329.5 billion yen due to a surge in resource prices and a low yen, breaking the highest level since 1979.
Meanwhile, the trade balance in December 2023 recorded a surplus of 62.1 billion yen. The market expected a deficit of 122.1 billion yen, but in contrast, it turned into a surplus.
Exports in December were 9.6482 trillion yen, up 9.8% from the same month last year, and imports were 9.5861 trillion yen, down 6.8% from the previous year.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.