Japan Exports Reach 903.82 Billion Yen; How Much to China?

01 Japan's Exports Experience a Rare Decline!

On October 17th, according to the latest foreign trade data released by Japan's Ministry of Finance, in September 2024, Japan's exports amounted to 90,382 billion yen, a year-on-year decrease of 1.7%.

This not only fell below market expectations—growth of 0.5%—but also showed a decline, marking the first drop in ten months.

Additionally, the data indicated that in September of this year, Japan's imports were 93,325 billion yen, with a year-on-year increase of 2.1%, which is also less than the 3.2% increase anticipated by economists.

Ultimately, in September, Japan's total foreign trade volume was 183,707 billion yen, with a trade deficit of 29.43 billion yen, higher than the previously forecasted value of 23.76 billion yen.

02 How Do Japan's Foreign Trade Data with the US and Europe Compare?

After reviewing Japan's overall import and export data for September, let's now take a look at Japan's foreign trade data with its main trading partners.

First, let's examine the bilateral trade between Japan and the United States.Looking at the specific data, in September, Japan's exports to the United States amounted to 1,850.5 billion yen, a year-on-year decrease of 2.4%; during the same period, Japan's imports from the United States were 1,008.2 billion yen, a year-on-year increase of 6.8%, as shown in the figure below:

Ultimately, Japan's bilateral trade with the United States was 2,858.7 billion yen, with a trade surplus of 842.6 billion yen against the United States, a year-on-year increase of 11.5%.

Next, let's take a look at Japan's trade situation with the European Union.

Specifically, in September, Japan's exports to the European Union were 849.3 billion yen, a year-on-year decrease of 9%; during the same period, Japan's imports from the European Union were 995 billion yen, a year-on-year increase of 4.5%, as shown in the figure below:

Ultimately, Japan's total foreign trade with the European Union was 1,844.3 billion yen, with a trade deficit of 145.6 billion yen against the European Union, a year-on-year increase of 681.2%.

03 How much did Japan import and export with China?

Lastly, let's take a look at Japan's foreign trade data with China.Specifically, in September, Japan exported 1,505.5 billion yen to China, a year-on-year decrease of 7.3%; during the same period, Japan imported 2,155.4 billion yen from China, a year-on-year decrease of 1.9%, as shown in the figure below:

Ultimately, the total foreign trade volume between Japan and China was 3,660.9 billion yen, with a trade deficit of 649.9 billion yen against China, a year-on-year increase of 13.5%.

What is your opinion on this? Do you think, moving forward, how will Japan's export situation be?