Japan experienced a significant boost in exports, recording a nearly 10% surge in December compared to the same period the previous year. This growth was attributed to a revival in trade with China, and increased demand for vehicles, machinery, and computer chips. Preliminary customs data revealed a trade surplus of 62 billion yen ($410 million) as imports fell by almost 7%.
The weakened Japanese yen has favored export manufacturers like Toyota, Honda, and Sony, while reduced oil prices contributed to an 18% decline in energy imports. A recovery in Chinese demand and a surge in tourist arrivals, treated as exports, further supported Japan’s trade performance. Despite this positive late-year trend, experts anticipate sluggish export growth in the coming year.
In 2023, Japan’s full-year exports increased by 3% to 100.9 trillion yen ($680 billion), while imports decreased by 7% to 110.2 trillion yen ($740 billion), resulting in a trade deficit of 9.2 trillion yen ($62 billion), significantly lower than the 2022 deficit.