Foreign trade balance in Japan sees decrease of USD11.66B YoY
Date
2/22/2024 2:37:07 AM
(MENAFN) In January, Japan's foreign trade balance witnessed a decline of 1.75 trillion Japanese yen (USD11.66 billion), marking a notable decrease of 49.9 percent compared to the previous year. This decline was driven by a combination of factors affecting both exports and imports.
Japan's exports during the period totaled 7.33 trillion yen (USD48.8 billion), marking a substantial increase of 11.9 percent compared to the same period last year. Notably, key sectors contributing to export growth included transport equipment, machinery, and electrical machinery, which collectively accounted for significant shares of 22.3 percent, 17.3 percent, and 16.8 percent, respectively.
Conversely, imports amounted to 9.09 trillion yen (USD60.46 billion) in January, reflecting a decline of 9.6 percent year-on-year. The decrease in imports, particularly in mineral fuels, contributed to the overall contraction in the foreign trade balance.
During January, the United States and China emerged as Japan's primary trade partners, underscoring the significance of these relationships in shaping Japan's trade dynamics on the global stage.
While Japan experienced notable fluctuations in its foreign trade balance, the country's reliance on key export sectors and its relationships with major trading partners remain pivotal considerations in understanding the broader trends and dynamics of its economy on the international trade front.
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