Japan's international trade balance reports deficit of USD2.9B last month
Date
5/22/2024 8:27:02 AM
(MENAFN) In April, Japan's international trade balance reported a deficit of 462.5 billion Japanese yen (USD2.9 billion), reflecting a 7.6 percent increase from the same period in the previous year. This information was disclosed by Japan's Finance Ministry on Wednesday. The overall trade activities saw a rise in both imports and exports, with imports totaling 9.44 trillion yen and exports amounting to 8.98 trillion yen, both witnessing an 8.3 percent year-on-year growth.
The primary trade partners for Japan during this period were the United States and China, underscoring the significant economic ties Japan maintains with these two countries. In terms of export composition, transport equipment took the leading position, representing 23.7 percent of all exports. This was followed by machinery, which accounted for 18.2 percent, and electrical machinery at 16.1 percent. These categories highlight the dominant sectors in Japan's export economy, showcasing its strengths in advanced manufacturing and technology.
On the import side, mineral fuels constituted the largest share, making up 23.4 percent of total imports. Electrical machinery followed, representing 14.8 percent of imports. The substantial share of mineral fuels indicates Japan's reliance on energy imports to meet its domestic demands. Additionally, the significant import of electrical machinery reflects the ongoing technological and industrial needs within the country.
These figures illustrate the complexities of Japan's trade dynamics, revealing both the strengths in its export sectors and the dependencies in its import activities. The growth in both imports and exports highlights a robust trade environment, albeit one that currently leans towards a deficit. This ongoing trade activity underscores the importance of maintaining strong economic relations with key partners like the US and China while also navigating the challenges posed by the global economic landscape.
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