2 I Main Chapter I Overview of Trade 3 172783.9 2881. 78.3 12 2 5.22 15.1714.9215 17 16 1 36 * Overview of Trade 1.Exports: Exports turn upward after 1-year decline In 217, Japan's exports increased after 1-year decline, growing 12% to 78.3 trillion, which is the third highest after exports in 27 ( 83.9 trillion) and 28 ( 81. trillion). On a volume basis, exports grew for the second consecutive year (up 5.2%). By commodity category, exports of Semicon etc. (,, ), Motor exports (,, Canada), and Iron & Steel Products exports (, Thailand, ) went up. Exports to increased 7% to 15.1 trillion, surpassing exports to (up 2 to 14.9 trillion) for the fifth consecutive year. continued to be Japan's largest export partner in 217. In 217, the percentage of yen-denominated exports was 3 (down 1 percentage point from a year earlier). * Country, area or commodity names in parentheses indicate top contributors of the category. The same applies hereafter. 217 対世界輸出 ( 主要国 地域別 ) Exports to world by area/country 217 対世界輸出 ( 商品別 ) Exports to world by commodity Central South 3,155 1,475 2% Middle 15,111 1 Western Europe 9,54 12% North 16,187 2 大洋州 Oceania 2,31 843 East 2,35 78,291 42,926 5 14,892 1 香港 3,974 台湾 4,558 5,978 8% タイ Thailand 3,31 Partners 15,111 6.8 14,892 2.5 5,978 19.1 4,558 6.8 3,974 8.8 TOP 5 total 44,514 Grand total 78,291 11.8 自動車の部分品 Parts of Motor 3,897 自動車 Motor 11,826 1 645 1,95 1 78,291 18,233 2 Electrical 13,697 18% 1,128 1,117 8,194 1 Manufactured Goods 8,686 1 15,688 2% 半導体等電子部品 4,22 鉄鋼 Iron & Steel Products 3,284 Items Motor Parts of Motor Iron & Steel Products Power Generating Machine 11,826 4.3 4,22 11.5 3,897 12.6 3,284 15.5 2,745 13.6 TOP 5 total 25,775 Grand total 78,291 11.8 1, 対世界輸出 ( 主要国 地域別 )Exports to world by area/country 1, 対世界輸出 ( 商品別 )Exports to world by commodity Manufactured Goods Electrical 8, 8, 6, 4, 2, 1,714 3,58 39,966 11,43 14,214 2,13 29,338 6,749 2,216 1,955 2,262 37,827 36,686 34,855 7,616 7,619 6,51 2,478 37,867 2,988 39,518 7, 7,585 3,167 4,329 2,585 37,17 7,985 7,982 8,657 8,733 1,374 1,18 8,733 11,188 12,928 13,649 15,225 14,143 15,111 28 9 1 11 12 13 14 15 16 17 2,35 42,926 6, 4, 2, 2,68 15,368 11,85 1,771 15,928 9,669 1,177 7,17 16,97 18,141 18,233 15,258 16,332 14,33 17,338 14,995 12,65 11,6 12,65 13,289 13,697 12,52 11,45 12,322 13,317 13,83 12,843 13,359 14,218 14,424 13,614 15,688 8,785 8,786 8,442 9,177 9,464 9,22 7,847 8,686 7,269 5,78 6,925 6,798 6,365 7,57 7,818 7,759 7,123 8,194 28 9 1 11 12 13 14 15 16 17
4 I Main Chapter I Overview of Trade 5 1775.314 3 3.23 UAE LNG 18.482 54/ 31 5213 633 17 16 2 24 2.Imports: Imports turn upward after 2-year decline In 217, Japan's imports turned to an increase after 2-year decline, growing 1 to 75.3 trillion. On a volume basis, imports rose 3.2% after 2-year decline. By commodity category, imports of Petroleum (, UAE, Kuwait), Coal (,, Indonesia), and LNG (, Malaysia, ) went up. Imports from, Japan's largest import partner, increased after 1-year decline, growing 8% to 18.4 trillion. imports accounted for 2 (up 3 percentage points from a year earlier) reflecting the price hike of crude oil (CIF) (up 3 to 54/barrel) for the first time in five years. The ratio of product imports was 6 (down 3 percentage points). The percentage of yen-denominated imports in 217 was 2 (down 2 percentage points from a year earlier). 217 対世界輸入 ( 主要国 地域別 ) Imports from world by area/country 217 対世界輸入 ( 商品別 ) Imports from world by commodity 2,312 Central South 3,122 アラブ首長国連邦 UAE 2,326 Western Europe 9,417 1 サウジアラビア 3,115 8,76 1 935 8,24 1 75,35 North 大洋州 9,311 Oceania 12% 4,971 7% オーストラリア 4,37 18,446 2 36,996 4 3,154 Partners 18,446 8.4 8,76 1.3 4,37 31.6 3,154 15.9 3,115 46.6 TOP 5 total 37,161 Grand total 75,35 14. 3,169 衣類 同付属品 Clothing & Accessories 3,18 Electrical 12,35 1 7,213 1,943 1 75,35 7,15 Manufactured Goods 6,847 Mineral Fuels 15,853 2 7,557 4,673 原油及び粗油 Petroleum 7,152 LNG 3,915 Items Petroleum LNG Clothing & Accessories Telephony, Telegraphy 7,152 29.3 3,915 19.3 3,18 3.7 3,1 13.9 2,795 11.1 TOP 5 total 2,7 Grand total 75,35 14. 1, 対世界輸入 ( 主要国 地域別 ) Imports from world by area/country 1, 対世界輸入 ( 商品別 )Imports from world by commodity Electrical 8, 8, 6, 4, 2, 2,619 1,389 2,38 1,95 15,826 1,554 1,66 9,571 17,351 1,514 15,667 8,24 1,227 1,412 12,832 13,542 6,51 826 1,387 8,64 38,618 38,358 32,34 35,972 33,199 36,996 27,511 3,391 31,36 22,989 7,292 5,518 5,821 6,411 6,642 7,649 8,169 8,625 8,152 8,754 8,4 5,512 5,911 5,931 6,82 6,815 7,543 8,6 7,322 8,76 28 9 1 11 12 13 14 15 16 17 6, 4, 2, 8,628 6,74 7,989 8,438 5,737 8,11 4,97 5,4 6,59 4,826 6,98 5,926 4,225 5,379 27,658 4,583 21,816 24,88 14,22 17,398 11,532 1,39 5,969 6,761 12,14 12,35 6,464 6,864 7,68 1,792 7,213 7,748 6,357 7,557 27,444 27,692 7,111 18,218 12,52 15,853 6,212 4,999 5,199 5,854 5,852 6,473 6,732 7,2 6,363 7,15 28 9 1 11 12 13 14 15 16 17
6 I Main Chapter I Overview of Trade 7 153.6 173.252 6.93 7.3 5.9 5 3.624 17 153.613 3 79.914 25.591.617 6.31 3. Trade and Trade Balance (Customs-cleared Basis): Surplus for second consecutive year, Trade of 153.6 trillion In 217, Japan's trade balance (Customs-cleared Basis) was a surplus (down 2 from a year earlier to 3. trillion) for the second consecutive year. By area, Japan posted the largest surplus with North (up to 6.9 trillion). By country, Japan posted the largest surplus with (up to 7. trillion). In contrast, by area, Japan posted the largest deficit with Middle East (up to 5.9 trillion). By country, Japan posted the largest deficit with (down 2 to 3.6 trillion). In 217, Japan's total trade value (total of imports plus exports) turned to an increase after 2-year decline, growing 1 to 153.6 trillion. By area, trade increased with all areas. Trade with went up 1 to 79.9 trillion, trade with North grew to 25.5 trillion, trade with rose 17% to 1.6 trillion, and trade with Central South increased to 6.3 trillion. Surplus Singapore 7,35 3.1 3,77 9.6 2,824 22.9 1,711 3.5 1,585 18. TOP 5 total 16,925 Trade Balance Deficit UAE Qatar 3,554 23.7 2,696 7.8 2,575 43.9 1,517 49.9 1,1 8. TOP 5 total 11,441 2, 1, -1, 2,63 2,671 6,635 貿易収支の推移 Trade Balance 2,565 6,941 11,468 12,816 2,792 3,994 2,986-2, 28 9 1 11 12 13 14 15 16 17 217 対世界貿易総額 ( 主要国 地域別 ) Trade with world by area/country Central South 6,277 3,787 2% Western Europe 18,471 12% North 25,497 17% 23,187 1 1,778 1,59 7% 153,596 大洋州 Oceania 7,272 33,338 22% 79,922 52% 9,133 217 対世界貿易総額 ( 商品別 ) Trade with world by commodity 21,41 1 自動車の部分品 Parts of Motor 4,829 自動車 Motor 13,132 半導体等電子部品 6,818 21,848 1 Electrical 25,731 17% 7,66 153,596 22,91 1 5,8 16,97 1 15,751 Manufactured Goods 15,532 2, 15, 1, 5, 対世界貿易総額 ( 主要国 地域別 ) Trade with world by area/country 3,14 3,377 2,859 18,145 2,455 2,665 2,115 12,63 14,788 15,84 1,132 1,653 72, 73,838 65,339 67,77 66,161 52,328 3,59 2,522 2,228 18,813 12,738 1,782 1,59 9,86 78,136 78,687 7,36 79,922 18,721 12,267 13,437 14,3 13,142 14,649 15,754 16,61 16,133 17,411 22,254 14,246 16,285 15,949 17,27 19,743 21,192 23,284 21,465 23,187 28 9 1 11 12 13 14 15 16 17
8 I Main Chapter I Overview of Trade 9 17 112 3 2 217 11818 1 21622 5.2 1634 54 6.3 2 154 171 6 2 11.82 3.2 3 1645 1.5 3 151 171 9 22 14.3 4.Foreign Exchange and Trade Index Fluctuations (1) Foreign Exchange: Yen depreciates against dollar on annual basis after rising for one year The average yen-dollar exchange rate for the year as a whole was 112 (down from the previous year). On an annual basis, the yen depreciated against the US dollar after appreciating for one year. The foreign exchange market in 217 along with the global economy is referred to as Goldilocks (not too hot, not too cold) and the range of fluctuation was as narrow as 1 between 118 and 18, which is less than a half of 22 in 216. (2) Export Indexes: Export value turn upward after 1-year decline reflecting increased volume and unit value The export volume index went up higher (+5.2%) than last year. By quarter, the export volume index turned positive at the third quarter of 216 and after the next quarter it remained above- positive for five straight quarters. The export unit value index turned positive (+6.) after remaining negative for one year. By quarter, the export unit value index turned positive since the second quarter of 217 after remaining negative for six straight quarters from the fourth quarter of 215 to the first quarter of 217. The export value turned to an increase after 1-year decline, growing 11.8% reflecting the increased volume and unit value. (3) Import Indexes: Import value turn upward after 2-year decline reflecting increased unit value The import volume index turned positive (+3.2%) after remaining negative for two years. By quarter, import volume index remained positive for five straight quarters since the fourth quarter of 216 when it turned positive. The import unit value index turned positive (+1.) after remaining negative for two years. By quarter, the import unit value index remained negative for nine consecutive quarters from the first quarter of 215 to the first quarter of 217. However, since the second quarter of 217, the index remained double-digit positive. Import value turned to an increase after decreasing for two years, rising 14.% reflecting the rise of unit value. ( /$) 1 12.4 Exchange Rate Exchange Rate (%) 2 1 Fluctuations of Export Indexes 15.1 Quantum index 13. Unit value index 1.5 index (%) 2 1 Fluctuations of Import Indexes 16.2 17. Quantum index 14.5 Unit value index index 18.2 19.3 11 111.1 111. 113.6 113. 115.5 12 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q Source Compiled from BOJ's Statistics. -1-7.9-9.5-1.2-1.9 2.1-18.7-19.3-15.6-2 -2 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q -1-9.3-1.8 Note / Export and import growth are up/down from a year earlier. Figures in the graphs represent growth in value. indexes divided by unit value indexes make quantum indexes. Source Compiled from MOF's Trade Statistics on a Customs-cleared Basis.
1 I Main Chapter I Overview of Trade 11 Quarterly Contribution 1 By Area/Country Exports-Contribution by area/country (Quarterly) Year-on-Year 3, 2, 2 By Commodity Exports-Contribution by Commodity (Quarterly) Year-on-Year ( ) 3, 2, 1, 1, -1, -1, -2, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q (excluding ) -2, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q Manufactured Goods Electrical Imports-Contribution by Commodity (Quarterly) Year-on-Year 4, Imports-Contribution by area/country (Quarterly) Year-on-Year 4, 2, 2, -2, -2, -4, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q (excluding ) Trade Balance-Contribution by area/country (Quarterly) Year-on-Year 3, -4, 3, 2, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q Manufactured Goods Electrical Trade Balance-Contribution by Commodity (Quarterly) Year-on-Year 2, 1, 1, -1, -1, -2, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q (excluding ) -2, 216.1Q 2Q 3Q 4Q 17.1Q 2Q 3Q 4Q Manufactured Goods Electrical