In 2023, the total value of foreign trade in Japan amounted to around 211.1 trillion Japanese yen. Trade declined only slightly from the previous year, following the recover from the coronavirus pandemic in the previous year. Japan’s trade openness ratio grew rapidly in the last decade as regulations were loosened to open domestic markets to foreign businesses.
Trade commodities
Durable goods such as electrical machinery, general machinery, and transport equipment are the main trade commodities in Japan. Machinery and motor vehicles are integral parts of the export market due to the global market positions of successful Japanese multinational manufacturers like Toyota Motor Corporation, Honda Motor Company, Ltd., and Komatsu Ltd. among others.
Trade partners
Japan's main trade partners are China and the United States, which between them receive 38 percent of all goods exported from Japan. While the country records a surplus in its trade with the United States, the balance of trade with China is characterized by a deficit, as imports exceed the value of exports. However, to diversify its supply chain and broaden foreign distribution channels, the country entered into free trade agreements with neighboring nations and other Western partners.
Total value of foreign commodity trade in Japan from 2014 to 2023
(in trillion Japanese yen)
Characteristic
Foreign trade value in trillion Japanese yen
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Japan Foreign Trade Council. (March 29, 2024). Total value of foreign commodity trade in Japan from 2014 to 2023 (in trillion Japanese yen) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1220746/japan-trade-value/
Japan Foreign Trade Council. "Total value of foreign commodity trade in Japan from 2014 to 2023 (in trillion Japanese yen)." Chart. March 29, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1220746/japan-trade-value/
Japan Foreign Trade Council. (2024). Total value of foreign commodity trade in Japan from 2014 to 2023 (in trillion Japanese yen). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1220746/japan-trade-value/
Japan Foreign Trade Council. "Total Value of Foreign Commodity Trade in Japan from 2014 to 2023 (in Trillion Japanese Yen)." Statista, Statista Inc., 29 Mar 2024, https://www.statista.com/statistics/1220746/japan-trade-value/
Japan Foreign Trade Council, Total value of foreign commodity trade in Japan from 2014 to 2023 (in trillion Japanese yen) Statista, https://www.statista.com/statistics/1220746/japan-trade-value/ (last visited August 25, 2024)
Total value of foreign commodity trade in Japan from 2014 to 2023 (in trillion Japanese yen) [Graph], Japan Foreign Trade Council, March 29, 2024. [Online]. Available: https://www.statista.com/statistics/1220746/japan-trade-value/