Japan Records Total Trade Deficit of ¥5.5 Trillion in 2024—¥8.6 Trillion Surplus with United States

Japan’s balance of trade (exports minus imports) for calendar 2024 showed a deficit of almost ¥5.5 trillion, marking the fourth consecutive year of trade deficits for the country.

The total value of exports rose by 6.2% to ¥107.1 trillion, their highest level since comparable statistics were first compiled in 1979. This was due to increases in exports of manufacturing equipment for semiconductors and other items, particularly to China, and a higher export value for automobiles because of price hikes and the weak yen. The value of imports, meanwhile, climbed by 2% to nearly ¥112.6 trillion.

Japan’s trade surplus with the United States dipped slightly year on year by 0.9% to ¥8.6 trillion, while its trade deficit with China decreased by 3.3% to ¥6.4 trillion.

Reduced energy imports from the Middle East, which constitute the bulk of trade with the region, resulted in a decline in Japan’s trade deficit there.

(Translated from Japanese. Banner photo © Pixta.)