Japan’s economy can be characterized as highly industrialized and a free market economy. The nation plays a competitive role in international trade, although productivity is quite low in protected areas, including agriculture, services and distribution. Japan is a member of international trade organizations such as the APEC, WTO, OECD, G-20 and G8, among others. The economy leverages heavily on its well-educated and well-trained workforce, pool of technicians, vast industrial development, foreign trade and high savings and investment rates. Japan relies on trade to fulfill its requirements for natural resources, especially raw material and fuel. It is worth noting that there has not been any direct intervention from Japan to buy currency since 2005, since the yen carry trade has been performing well. Between 2001 and 2006, Japan’s international trade saw an expansion of 60% from ¥91.4 trillion to ¥142.6 trillion. Japan shares an increasingly independent, mature and strong bilateral economic relationship with the US.
Japan’s international trade was hit hard by the global economic downturn of the late 2000s. There was sharp decline of 30.8% in exports to $516.3 billion in 2009, from $746.5 billion in 2008. Japan also imported lesser products in 2009 ($490.6 billion) as compared to 2008 ($708.3 billion).
Japan Exports: Commodities
The primary export items of Japan are as follows:
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Transport equipment
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Motor vehicles
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Semiconductors
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Electrical machinery
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Chemicals
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Oil (268,300 bbl/day (2008 est.)
Japan Exports: Partners
The following graph highlights the export markets of Japan, as of 2008:
Japan's export Partner's 2008
Japan Imports: Commodities
The primary import items of Japan are as follows:
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Machinery and equipment
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Fuels
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Foodstuffs
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Chemicals
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Textiles
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Raw materials
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Oil: 5.263 million bbl/day (2008 est.)
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Natural gas :95.39 billion cu m (2008 est.)
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