Japan’s imports and exports to China hit a record high

The 2024 trade statistics flash report released by the Japanese Ministry of Finance on April 17 showed that the trade balance was a deficit of 5.2216 trillion yen. This is the fourth consecutive year of a trade deficit. Against the backdrop of the historic depreciation of the yen, Japan’s exports increased, and the deficit decreased by 15% from the previous year.

Exports increased by 5.9% year-on-year to 108.9345 trillion yen. It exceeded 100 trillion yen for two consecutive years, setting a record high since 1979 when comparable data was available. Against the backdrop of increased investment in the field of artificial intelligence (AI), semiconductor manufacturing equipment and other products pushed up exports.

The average exchange rate was 152.60 yen per dollar, and the yen depreciated by 6.1% against the dollar.

Japan’s imports increased by 4.7% to 114.1562 trillion yen, an increase after a year. While imports of personal computers and smartphones increased, crude oil imports decreased. The import price of crude oil was 79,083 yen per thousand liters, up 1.5%, but down 7.1% in volume.

By region, exports to the United States increased by 3.8% to 21.6482 trillion yen, and imports increased by 7.7% to 12.6429 trillion yen. Both imports and exports to the United States hit record highs, and the trade surplus decreased by 1.3% to 9.0053 trillion yen. The United States accounted for 19.9% ​​of Japan’s total exports, making it the largest export destination for three consecutive years.

In terms of Japan’s exports, automobiles increased by 1.6%. In addition to the impact of exchange rates, there is a high demand for high-value-added models such as hybrid cars. In terms of Japan’s imports, computer products increased by 2.9 times. The demand for high-priced commercial servers used in data centers, etc. increased.

Exports to Asia increased by 8.8% to 58.0513 trillion yen, and imports increased by 7.1% to 55.176 trillion yen. Among them, exports to China increased by 3.4% to 18.8917 trillion yen, and imports increased by 7.1% to 25.9392 trillion yen, both of which hit record highs. Japan’s trade deficit with China was 7.0474 trillion yen, and the deficit widened again after a year.

Japan’s exports of semiconductor manufacturing equipment and other products increased. On the import side, the growth of communication equipment such as smartphones and computer products such as personal computers contributed.

From the perspective of the European Union (EU), Japan’s exports decreased by 7.8% to 9.774 trillion yen, and imports increased by 7.6% to 12.3047 trillion yen. The record high imports reflect factors such as the depreciation of the yen and the increase in the unit price of medicines.

The trade surplus in March 2025 alone was 544 billion yen, an increase of 55.5% over the same period last year. Exports increased by 3.9% to 9.8478 trillion yen, while imports increased by 2% to 9.3037 trillion yen.