Japan recorded record exports in 2024, with its trade deficit decreasing 44% compared to the previous year, the Japanese Ministry of Finance reported on Thursday.
The trade deficitwhich measures the value of exports minus imports, fell to 5.3 trillion yen (32 billion euros)According to government data, the value of imports has increased due to rising energy costs and rising inflation around the world.
Exports from one of the world’s largest economies totaled 107.9 trillion yen (663.9 billion euros)surpassing the 100 billion yen mark for the second year in a row, and the highest value recorded in comparable data, dating back to 1979, the ministry reported.
Some companies may have accelerated exports in anticipation of potential tariffs that the new President of the United States, Donald Trump, has promised to impose.
Trump has said he expects to place 25% tariffs on Canada and Mexico starting Feb. 1.
During the campaign, the new North American President threatened to impose tariffs on imports from China, although details about this eventual decision remain unclear.
In December, Japanese exports increased by 2.8% compared to the same month in 2023while imports increased by 1.8%. Exports grew to Asian and European countries, while they fell slightly to the United States.
Imports from India, Hong Kong and Iran grew the most.
Vehicles, semiconductors and other machinery were Japan’s export champions.
The weakening of the yen, another recent trend, has the effect of inflating the value of imports.
Over the last year, the US dollar has hovered around the 150 yen level, sometimes exceeding 160 yen, while a year ago it fluctuated around the 140 yen reference.
Japan recorded a trade deficit for four consecutive yearsbut last year’s deficit was considerably smaller than the 9.5 trillion yen deficit in 2023.
Source: https://observador.pt/2025/01/23/japao-regista-recorde-de-exportacoes-em-2024-com-defice-comercial-a-cair-44/
