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Japan is located east of the Eurasian continent, bordered by the Pacific Ocean to the east, and separated from China, North Korea, South Korea, and Russia by the East China Sea, Yellow Sea, Korea Strait, and Sea of Japan.
Japan has scarce natural resources, and aside from a small amount of mineral resources, it relies heavily on imports for most raw materials and fuel needed for industrial production.
Japan is the world's third-largest economy, with notable global competitive advantages in industries such as semiconductors, automobiles, steel, machine tools, shipbuilding, and robotics.
Semiconductor Industry
In 2022, Japan's exports of semiconductor equipment accounted for 23.5% of the global market. Among the world's top ten semiconductor equipment companies, Japan is home to four: Tokyo Electron, SCREEN, Advantest, and Hitachi High-Tech. Additionally, Canon and Nikon are leaders in the mid-to-high-end lithography market, second only to Dutch company ASML.
Automotive Industry
In 2022, Japan's new car sales were approximately 4.2 million units, a 5.6% decline from 2021, reaching the lowest level in 45 years since 1977. The Toyota Group's global new car sales were 10.48 million units, slightly down from 10.49 million units in 2021, but still surpassing Volkswagen, making it the world's top automaker for the third consecutive year. Honda and Nissan also rank among the global leaders.
Steel Industry
Japan is a major steel producer. According to the World Steel Association, global crude steel production in 2022 was 1.88 billion tons, a 4.2% year-on-year decline. Japan produced 89.2 million tons, ranking third after China and India, with a 7.4% year-on-year decrease. Japanese steel is mainly high-value-added products such as high-grade steel for automobiles, electronic industry steel, coated steel sheets, and special performance steel. Major companies include Nippon Steel, JFE, Kobe Steel, and Nisshin Steel.
Machine Tool Industry
Japan's machine tool industry has consistently ranked among the world's leaders. According to the Japan Machine Tool Builders' Association (JMTBA), total orders in 2022 increased by 14.2% year-on-year to 1.76 trillion yen, the second-highest level in history. Major machine tool companies include Yamazaki Mazak, Amada, Okuma, JTEKT, DMG Mori, Komatsu NTC, and Makino.
Shipbuilding Industry
According to the Japan Ship Exporters' Association (JSEA), Japanese shipbuilders received orders for 280 ships totaling 11.74 million GT in fiscal 2022, maintaining levels above 10 million GT despite some decline. Major shipbuilding companies include Imabari Shipbuilding, Japan Marine United, Oshima Shipbuilding, and Kawasaki Heavy Industries.
Robotics Industry
Japan is the world's largest manufacturer of industrial robots, accounting for 45% of global supply. According to the Japan Robot Association, the demand for automation led to a 3.1% year-on-year increase in industrial robot orders in 2022, reaching 1.11 trillion yen. This marked the third consecutive year of growth, with annual orders exceeding 1 trillion yen for the second consecutive year, setting a new record. Major companies include FANUC, Yaskawa Electric, Kawasaki Heavy Industries, and Nachi-Fujikoshi.
Trade Data for May 2024
In May 2024, Japan's export value was 8,276.86 billion yen, and import value was 9,496.95 billion yen. Exports increased by 13.5% year-on-year due to higher exports of automobiles and semiconductor manufacturing equipment. Imports grew by 9.5% due to increased imports of petroleum products and crude oil.
Exports to the United States: Totaled 1,701.82 billion yen, imports were 1,228.26 billion yen; exports grew by 23.9%, and imports by 10.9%, resulting in a trade deficit increase for the first time in two months. Major export items included automobiles, pharmaceuticals, and auto parts; major import items included engines, liquefied natural gas, and computers and peripherals.
Exports to the European Union: Totaled 714.64 billion yen, imports were 986.30 billion yen; exports grew by 10.1%, and imports by 5.3%, resulting in a trade deficit increase of 91.6%.
Exports to Asia: Totaled 4,458.73 billion yen, imports were 4,430.56 billion yen; exports grew by 13.6%, and imports remained unchanged, leading to a trade surplus for the fourth consecutive month. Major export items included semiconductor manufacturing equipment, semiconductors and electronic components, and plastics; major import items included communication equipment, petroleum products, and liquefied natural gas.
Exports to China: Totaled 1,580.72 billion yen, imports were 2,113.92 billion yen; exports grew by 17.8%, and imports by 1.2%, resulting in a trade deficit for the 38th consecutive month. Major export items included semiconductor manufacturing equipment, non-ferrous metals, and plastics; major import items included communication equipment, clothing and accessories, and computers and peripherals.
Top 5 Export Categories in May 2024
1. Automobiles: Significant growth in exports to the U.S., with a 34.0% increase in May.
2. Semiconductor Manufacturing Equipment: Notably, exports to China grew by 130.7% in May.
3. Semiconductors and Electronic Components: Pharmaceuticals saw a 137.8% increase in exports to the U.S. and growth in other regions.
4. Non-Ferrous Metals: Exports to China increased by 74.1%.
5. Plastics: Exports to Asia grew by 26.2% in May.
Top 5 Import Categories in May 2024
1. Petroleum Products: Significant growth in imports, with a 39.8% increase in May from the U.S.
2. Crude Oil: Imports of engines from the U.S. grew by 40.4% in May.
3. Computers and Peripherals: Imports grew by 528.1% in May from the U.S.
4. Liquefied Natural Gas: Imports grew by 193.6% in May from the U.S.
5. Communication Equipment: Imports from China grew by 37.6% in May.
Blooming Trade Data provides Japan importer and exporter data, including HS Codes, product descriptions, company names, addresses, and industry details.
Do you want to understand the market demand in Japan? Are you looking to expand your international market presence in Japan? Are you seeking more cooperation with clients and reliable suppliers in Japan?
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