Data shows Japanese vehicle shipments to Russia increasing
Date
10/22/2024 9:03:16 AM
(MENAFN) Despite Japan's commitment to limiting automotive sales to Russia due to ongoing sanctions, recent data from the Japanese Finance Ministry reveals a dramatic increase in car exports to the country. In September 2024, Japan exported 132.2 percent more passenger cars to Russia compared to the same month in the previous year. Additionally, exports of spare parts and vehicle components rose by 21.3 percent year-on-year during the same period.
This surge follows a period of decreased shipments; from April to September 2024, Japan had reduced its passenger car exports to Russia by 11.3 percent compared to the same timeframe last year. However, the last two months have seen a notable rebound in trade between the two nations for the first time since 2022.
In August, trade turnover between Japan and Russia jumped by 23.8 percent, reaching 105.59 billion yen (approximatelyUSD743 million). September continued this upward trend, with mutual trade increasing by 22.7 percent to 98.6 billion yen (aroundUSD659 million), according to the latest statistics.
The September trade figures were significantly driven by Japan's car exports, which accounted for 65 percent of all goods sold to Russia, alongside a substantial 70 percent share of energy exports from Russia to Japan. Notably, Japan's imports of Russian liquefied natural gas (LNG) rose by 11.7 percent compared to the same period in 2023, although LNG imports in the first half of the year had seen a decline of 7.1 percent.
While Japan's government maintains a policy of "tough sanctions" against Russia, it continues to engage in critical energy projects on Sakhalin Island, highlighting the complexities of balancing geopolitical stances with national energy security needs. This dual approach illustrates Japan's challenging position as it navigates international relations while seeking to ensure its own energy supply.
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