Japan's Imports of Russian Grain Soar, While Overall Trade with Russia Declines
Date
5/22/2023 8:48:23 AM
(MENAFN) In April, Japan witnessed a significant surge in its imports of Russian grain, soaring by 554.8 percent compared to the same period last year, as reported by Tokyo's Finance Ministry. The data indicates a robust increase in Japanese demand for Russian grain, highlighting the country's reliance on imports to meet its domestic wheat requirements, which amount to approximately 5.6 million tons annually. Around 90 percent of Japan's wheat consumption is fulfilled through imports, as revealed by the ministry's statistics.
Despite the notable growth in grain imports, Japan's overall imports from Russia experienced a substantial decline of 61.9 percent year-on-year in April. Japan, being a member of the G7 and aligning itself with its Western allies, has supported sanctions against Russia due to the ongoing conflict in Ukraine. This stance has influenced Japan's trade dynamics with Russia, impacting various sectors.
The data reveals a considerable reduction in imports across several categories. Imports of Russian vegetables witnessed a decline of 75.1 percent, while fish and seafood imports dropped by 31.4 percent. The coal sector experienced a significant slump of 80.8 percent, and liquefied natural gas (LNG) imports recorded a decrease of 10.6 percent. Furthermore, imports of iron and steel from Russia decreased by 35.8 percent, and non-ferrous metal imports saw a sharp decline of 68.1 percent, according to the released data.
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