Japan business database - How much Japan import and export?

Have you ever thought about how much Japan imports and exports? You've come to the perfect place if you're thinking about beginning a trade business in Japan. As we know, Japan is an island country situated in the northwest Pacific Ocean. Steel, consumer electronics, and automobiles are some of the products that Japan produces and supplies to the world. Based on Japan Trade Data, Japan's trade deficit significantly decreased to JPY 930.5 billion in August 2023 from JPY 2,790.4 billion in the same month a year earlier.

What will be the latest statistics of the Japan trade market in 2023?

In this blog, we will explore the Japan business database, including industry trends and key statistics about Japan's trade economy. We will look into where to find reliable trade data for Japan.

Why do business in Japan?

After the US and China, Japan has the third-largest economy in the world.  The Japanese market is characterized by  people who have high disposable income and purchase intent for premium goods.

Japan is one of the leading economies in Asia and the world. With a population of 126.5 million and critical sectors like consumer electronics, autos, and computers, the Japanese market offers a wealth of opportunities to companies from diverse sectors.

The following are some of the main reasons why companies decide to conduct business in Japan:

• Access to a sizable and wealthy market: With a GDP of more than $5 trillion, Japan has the third-largest economy in the world. Japanese consumers are renowned for having large amounts of voluntary cash and being prepared to invest in high-end products and services.
• Gateway to Asia: Japan's central location on the continent makes it a great starting point for companies wishing to expand there. Economic and trade relations exist between Japan and other Asian nations, and several free trade agreements are in place, making it simple to import and sell commodities.
• Extensive Japan business database:  Japan has a comprehensive trade business database. To locate an accurate and updated Japan business database, we recommend to visit the Eximpedia.app; here, you can obtain helpful market insights into Japan.

How much does Japan imports and exports?

The Japanese economy depends heavily on foreign trade, yet the nation needs to be more transparent and impose various non-tariff barriers, particularly in the agricultural industry. Based on Japan Import Export Data, Japan is the fourth-largest importer of goods in the world and the fifth-largest exporter, and its foreign commerce generates 37% of its GDP (World Bank, 2023). 

As the second-largest exporter of cars globally, Japan exports mostly 

• Electrical and electronic equipment (16% of total exports) , 
• Commodities (6.4%), 
• Optical, photo, technical, and medical equipment (5.7%), 
• Iron and steel (4%). 
• Motor vehicles (18% of total exports), 
• Machinery (19% of total exports), 

Mineral fuels, petroleum oils, and distillation products account for 20% of the nation's imports, along with

• Electrical and electronic equipment (15%) 
• Machinery (9.2%), 
• Pharmaceuticals (4.8%), 
• Ore slug and gas (4.5%) 

After China, Japan is the EU's second-largest commercial partner in Asia, and the two represent approximately a fifth of global GDP as per the  Japan business database.

What is the trade balance of Japan?

As per Japan Trade Data, Japan's exports were 757,066,261.25 US dollars, while its total imports were 772,276,197.10 US dollars, resulting in a trade deficit of -15,209,935.85 US dollars.

Compared to a global growth rate of 12.59%, trade growth is 8.58%. Japan has a GDP of 5,005,536,736,792.29 in current US dollars. Based on Japan Import Export Data, Japan exports services worth 170,885,608,978.51 BoP, or current US dollars, and imports services worth 209,402,219,647.52 BoP, or current US dollars. The GDP share of Japan's exports of goods and services is 18.20 percent, while the GDP share of its imports of goods and services is 18.74 percent.

Top Japan's imports in 2023

According to Japan Import data, chemicals (20% of total imports), food (19% of total imports), mineral fuels (16% of total imports), machinery and electrical machinery (22%), and raw materials (8% of total imports) were the principal imports. 

Japan's Top Importers:

As per the Japan business database, the biggest brands in Japan that import products from other countries include:

• Toyota 
• Honda
• Nissan
• Sony 
• Panasonic

Other major Japanese brands that import products from other countries include:

• Mitsubishi (cars, trucks, and heavy machinery)
• Canon (cameras, printers, and other office equipment)
• Nikon (cameras and lenses)
• Hitachi (appliances, electronics, and industrial equipment)
• Toshiba (electronics, devices, and energy products)

Top Japan's exports in 2023

The following are Japan's top exports in 2023:

• Automobiles: With almost 15% of all exports in 2022, automobiles will be Japan's top export. Japan automobiles are renowned for their excellent build quality, dependability, and fuel economy, as per Japan Export Data.
• Integrated circuits: Japan is a global leader in manufacturing integrated circuits, generally called chips. Chips are standard in various electronic devices, such as computers, smartphones, and automobiles.
• Machines: Japan is a significant machinery supplier, including construction tools, machine tools, and industrial robots. Japanese equipment is renowned for its accuracy and toughness.
• Electronics: Electronics, including televisions, cameras, and video games, are widely exported from Japan. Electronics made in Japan are renowned for their cutting-edge technology and unique designs.

Also, commodities, including petroleum products, chemicals, fish and fish preparation, non-metallic mineral ware, metalliferous ores and waste, clothing and accessories, iron and steel products, textile yarn/fabrics, machinery, and animal feed, are major export commodities of Japan.

Japan Import Destination for 2022-23

Based on Japan's importer list, the largest trading partners (import sources) of Japan in 2022 will be:

• China, with a share of 21% (188 billion US dollars),
• USA, with a share of 10% (90 billion US dollars),
• Australia, with a share of 9.83% (88 billion US dollars),
• United Arab Emirates, with a share of 5.09% (45 billion US dollars)
• Saudi Arabia, with a share of 4.71% (42 billion US dollars)

So, these are the top import destinations in Japan. China is considered the top import destination, with a market share of 21%. The USA is regarded as the second biggest source country after Japan, with a market share of 10%. Australia is the third sourcing country, with a market share of 9.83%. The United Arab Emirates and Saudi Arabia are 5.09% and 4.71%, respectively, based on Japan Import Data.

Japan Export Destination for 2022-23

As per the Japan Export Data, the top markets for Japan exports are:

1. China: China is Japan's biggest trading partner. Demand for automobiles, ICs, and machinery and equipment is expected to be the main factor driving Japanese exports to China.
2. United States: In 2023, the United States will likely continue to be Japan's second-largest trading partner. Demand for automobiles, integrated circuits, and electrical and electronic goods is anticipated to be the primary driver of Japanese exports to the US.
3. South Korea: In 2023, South Korea is anticipated to continue to be Japan's third-largest trading partner. South Korean demand for ICs, machinery and equipment, and electrical and electronic products is expected to drive Japanese exports to that country.

The Challenges of Entering the Japanese Market

The Japan market is one of the biggest and most developed in the world, but it can also be one of the most challenging to enter. Global companies may be concerned about Japan's complicated market insights. Due to inadequate export and import data, businesses need help finding updated shipment details, buyer and supplier details, custom details, etc.

Obtaining the relevant Japan Import Export Data from the market research company is advisable. One of the best market research platforms is Eximpedia.app, where you can obtain the HSN code list of any product.
 
So, entering the Japanese market can be a challenge, but it is also a great opportunity. By carefully planning and executing your market entry strategy, you can increase your chances of success.

How do I find the Japan trade data?

To find the most updated Japan trade data, EximPedia.app is the best platform to get and analyze market trends and correct information regarding trade statistics in Japan. EximPedia goes above and beyond in helping businesses by rendering specialized services, including access to comprehensive Japan import export data. If you require any assistance regarding the Japan importer list or exporter list, our data professionals are always ready to furnish valuable and authentic export import trade data to enhance your business in the global trade market. Connect today for a free live demo at your doorstep!