That dollar amount reflects a -4.6% year-over-year reduction compared to $752.1 billion in 2022.
From 2019 to 2023, the overall value of Japanese exported goods rose by 1.7% from $705.8 billion.
Based on the average exchange rate for 2023, the Japanese yen fell by -28.9% against the US dollar since 2019 and declined by -6.8% from 2022 to 2023. Japan’s weaker local currency made exports paid for in stronger US dollars relatively less expensive in 2023 for countries startling from the stronger US dollar.
Japan’s 5 biggest export products by value in 2023 were cars, electronic integrated circuits and microassemblies, automotive parts or accessories, semiconductor-making machinery, and heavy machinery such as bulldozers, excavators or road rollers. In aggregate, that quintet of major exports accounted for over one quarter (28.8%) of overall export sales from Japan. That group of commodities suggests a relatively diversified range of exported goods.
Japan ranks among world-leading nations for exporting cars and automotive parts or accessories and is a major competitor among Asian nations in the international trade of electronic circuits.
Japan’s Best International Trade Customers
The latest available country-specific data shows that 73.2% of products exported from Japan were bought by importers in: United States of America (20.2% of the Japanese total), mainland China (17.6%), South Korea (6.5%), Taiwan (6%), Hong Kong (4.5%), Thailand (4.1%), Germany (2.7%), Singapore (2.6%), Vietnam (2.4%), Australia (2.3%), India (2.2%) and Indonesia (2%).
From a continental perspective, 56.4% of Japan exports by value was delivered to Asian countries while 23.5% was sold to North American importers.
Japan shipped another 13.4% worth of goods to Europe.
Smaller percentages went to buyers in Oceania led by Australia and New Zealand (3%), Latin America (2.4%) excluding Mexico but including the Caribbean, then Africa (1.4%).
Given Japan’s population of 124.6 million people, its total $717.6 billion in 2023 exported products translates to roughly $5,800 for every resident in the East Asian island nation. That per-capita dollar amount is less than the average per-capita amount of $6,000 one year earlier in 2022.
Japan’s Top 10 Exports
The following export product groups categorize the highest dollar value in Japanese global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Japan.
- Vehicles: US$156.7 billion (21.8% of total exports)
- Machinery including computers: $129.8 billion (18.1%)
- Electrical machinery, equipment: $101.8 billion (14.2%)
- Optical, technical, medical apparatus: $36.2 billion (5%)
- Iron, steel: $30.6 billion (4.3%)
- Plastics, plastic articles: $23.6 billion (3.3%)
- Gems, precious metals: $18.5 billion (2.6%)
- Organic chemicals: $14.8 billion (2.1%)
- Mineral fuels including oil: $12.8 billion (1.8%)
- Other chemical goods: $12.5 billion (1.7%)
Japan’s top 10 exports accounted for 74.9% of the overall value of its global shipments.
Vehicles was the lone growth product group among the top 10 export categories, up by 14.6% since 2022.
The leading decliner among Japan’s top 10 export categories was miscellaneous chemical goods, dragged down by a -12.7% year-over-year reduction.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Japan’s Most Valuable Export Products further down near the bottom of this article.
Products Generating Best Trade Surpluses for Japan
The following types of Japanese product shipments represent positive net exports or a trade balance surplus for 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$131.8 billion (Up by 15.1% since 2022)
- Machinery including computers: $60.4 billion (Down by -14.4%)
- Iron, steel: $22.2 billion (Down by -10.7%)
- Copper: $9.4 billion (Up by 6.7%)
- Ships, boats: $9.2 billion (Up by 6.4%)
- Plastics, plastic articles: $7.5 billion (Down by -14.1%)
- Optical, technical, medical apparatus: $7.4 billion (Down by -32.3%)
- Rubber, rubber articles: $5.7 billion (Up by 3.4%)
- Other chemical goods: $5.4 billion (Up by 25.5%)
- Photo/cinematographic goods: $4.4 billion (Down by -9.3%)
Japan has notably positive net exports in the international trade of automobiles thanks to world-leading automotive corporations including Toyota, Honda, Nissan and Mitsubishi Motors. In turn, these cashflows indicate Japan’s strong competitive advantages under the vehicles product category.
Products Causing Worst Trade Deficits for Japan
Japan incurred an overall -$150.4 billion trade deficit for 2023, swelling by 825% compared to -$16.3 billion in red ink in 2022.
Below are exports from Japan that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Japan’s goods trail Japanese importer spending on foreign products.
- Mineral fuels including oil: -US$182.7 billion (Down by -23.3% since 2022)
- Ores, slag, ash: -$26.4 billion (Down by -16.5%)
- Pharmaceuticals: -$23.1 billion (Down by -27.3%)
- Electrical machinery, equipment: -$13.2 billion (Up by 93.7%)
- Knit or crochet clothing, accessories: -$11.7 billion (Down by -9%)
- Clothing, accessories (not knit or crochet): -$11.3 billion (Down by -4.2%)
- Wood: -$9.6 billion (Down by -26%)
- Meat: -$9.5 billion (Down by -13.1%)
- Fish: -$8.4 billion (Down by -13.6%)
- Cereals: -$8.1 billion (Down by -15.8%)
Japan has highly negative net exports and therefore deep international trade deficits for energy products crude oil, petroleum gases and coal.
These cashflow deficiencies clearly indicate Japan’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Japan to improve its position in the global economy through focused innovations for energy-related products.
Searchable List of Japan’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Japan during 2023.
Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Japan's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Cars | $110,138,187,000 | +26.3% |
| 2 | Integrated circuits/microassemblies | $30,797,706,000 | -9.1% |
| 3 | Automobile parts/accessories | $27,071,762,000 | -7% |
| 4 | Machinery for making semi-conductors | $25,213,041,000 | -19.1% |
| 5 | Heavy machinery (bulldozers, excavators) | $13,495,622,000 | +8.2% |
| 6 | Gold (unwrought) | $12,456,703,000 | +14.5% |
| 7 | Processed petroleum oils | $10,360,319,000 | -29.8% |
| 8 | Hot-rolled iron or non-alloy steel products | $10,115,707,000 | -9% |
| 9 | Cruise/cargo ships, barges | $9,591,986,000 | +8.7% |
| 10 | Trucks | $9,390,131,000 | -6% |
| 11 | Solar power diodes/semi-conductors | $7,953,958,000 | -14.3% |
| 12 | Printing machinery | $7,689,271,000 | -7.8% |
| 13 | Miscellaneous machinery | $7,635,870,000 | -12.2% |
| 14 | Lower-voltage switches, fuses | $6,169,367,000 | -15.8% |
| 15 | Electrical capacitators | $6,158,687,000 | -14.4% |
| 16 | Refined copper, unwrought alloys | $6,087,170,000 | +3.7% |
| 17 | Electro-medical equip (e.g. xrays) | $5,883,325,000 | +2.6% |
| 18 | Piston engine parts | $5,738,836,000 | -5.9% |
| 19 | Rubber tires (new) | $5,542,904,000 | +1.6% |
| 20 | Flat-rolled other alloy steel products | $5,541,544,000 | -13.6% |
| 21 | Other measuring/testing machines | $5,490,427,000 | -2.1% |
| 22 | Plastic plates, sheets, film, tape, strips | $5,160,867,000 | -7.6% |
| 23 | Air or vacuum pumps | $5,117,275,000 | -5.4% |
| 24 | Piston engines | $5,066,158,000 | -6.5% |
| 25 | Regulate/control instruments | $5,000,754,000 | -14.8% |
| 26 | Electric storage batteries | $4,898,146,000 | -9.8% |
| 27 | Electrical converters/power units | $4,790,339,000 | +3.7% |
| 28 | Chemicals used in electronics | $4,552,649,000 | -9.1% |
| 29 | Medication mixes in dosage | $4,511,595,000 | -1.4% |
| 30 | Taps, valves, similar appliances | $4,435,442,000 | -13% |
| 31 | Turbo-jets | $4,379,003,000 | +8.6% |
| 32 | Physical/chemical analysis tools | $4,315,408,000 | -5.3% |
| 33 | Transmission shafts, gears, clutches | $4,265,945,000 | -10.5% |
| 34 | Chemical industry products/residuals | $3,867,153,000 | -11.3% |
| 35 | Engines (diesel) | $3,752,799,000 | -5.7% |
| 36 | Cyclic hydrocarbons | $3,716,307,000 | +4.1% |
| 37 | Beauty/makeup/skin care preparations | $3,657,622,000 | -26.1% |
| 38 | Ball, roller bearings | $3,582,924,000 | -15.9% |
| 39 | Electric motors, generators | $3,512,451,000 | -6.1% |
| 40 | Motorcycles | $3,494,786,000 | +10.1% |
| 41 | Oscilloscopes, spectrum analyzers | $3,392,649,000 | -10.7% |
| 42 | Liquid pumps and elevators | $3,362,454,000 | -5.9% |
| 43 | Electrical machinery | $3,195,809,000 | -12.8% |
| 44 | Optical fiber cables, sheets, plates | $3,178,357,000 | -20.5% |
| 45 | Iron or steel scrap | $3,085,590,000 | -0.9% |
| 46 | Iron or steel tubes, pipes | $3,080,617,000 | +15.3% |
| 47 | Oxometal/peroxometal acid salts | $3,055,461,000 | +6.2% |
| 48 | Electric ignition/start equipment | $2,957,586,000 | -4.6% |
| 49 | Photographic chemicals | $2,883,932,000 | -12.7% |
| 50 | Electrical/optical circuit boards, panels | $2,749,813,000 | -15.7% |
| 51 | Table games, bowling equipment | $2,746,846,000 | +2.1% |
| 52 | Printed circuits | $2,649,759,000 | -18.6% |
| 53 | TV receiver/transmit/digital cameras | $2,613,050,000 | -4.4% |
| 54 | Centrifuges, filters and purifiers | $2,554,835,000 | -11.9% |
| 55 | Flat-rolled iron or non-alloy steel products (plated/coated) | $2,553,553,000 | -16.5% |
| 56 | Metal-working machinery | $2,507,701,000 | -10.1% |
| 57 | Electric circuit parts, fuses, switches | $2,503,580,000 | -9.9% |
| 58 | Rubber/plastic article making machines | $2,479,181,000 | +11.6% |
| 59 | Copper waste, scrap | $2,445,625,000 | +19.3% |
| 60 | Phone system devices | $2,419,532,000 | -9.4% |
| 61 | Self-adhesive plastic in rolls | $2,411,249,000 | -12.2% |
| 62 | Iron and steel screws, bolts, nuts, washers | $2,374,138,000 | -7.9% |
| 63 | Blood fractions (including antisera) | $2,359,812,000 | +11.2% |
| 64 | Polyacetal/ether/carbonates | $2,326,290,000 | -18.7% |
| 65 | Public-transport vehicles | $2,287,752,000 | +24.2% |
| 66 | Machinery parts | $2,227,741,000 | -12% |
| 67 | Precious metal compounds | $2,094,331,000 | -28.5% |
| 68 | Aircraft, spacecraft parts | $2,070,582,000 | +32.3% |
| 69 | Lenses, prisms, mirrors | $2,065,525,000 | -9.1% |
| 70 | Synthetic rubber | $2,037,614,000 | -16.8% |
| 71 | Miscellaneous plastic items | $2,031,389,000 | -7% |
| 72 | Insulated wire/cable | $1,855,991,000 | -16.1% |
| 73 | Flat panel displays | $1,810,783,000 | -29.8% |
| 74 | Temperature-change machines | $1,737,732,000 | -15.5% |
| 75 | X-ray equipment | $1,729,586,000 | -5.4% |
| 76 | Tractors | $1,715,542,000 | -28.3% |
| 77 | Interchangeable hand/machine tools | $1,699,387,000 | -5.7% |
| 78 | Electric motor parts | $1,640,964,000 | +2.1% |
| 79 | Metal-removing lathes | $1,602,685,000 | -2.5% |
| 80 | Jewelry | $1,594,785,000 | +49.1% |
| 81 | Motorcycle parts/accessories | $1,591,097,000 | -24.8% |
| 82 | Copper foil | $1,546,665,000 | -15.2% |
| 83 | Iron or non-alloy steel products (semi-finished) | $1,528,553,000 | -15.8% |
| 84 | Coal tar oils (high temperature distillation) | $1,520,976,000 | -16.7% |
| 85 | Plastic plates, sheets, film, tape, strips | $1,516,871,000 | -19% |
| 86 | Computers, optical readers | $1,506,198,000 | +1.3% |
| 87 | Silver (unwrought) | $1,472,154,000 | -8.5% |
| 88 | Vinyl chloride polymers | $1,464,677,000 | -16.1% |
| 89 | Paint/varnish non-aqueous solution | $1,438,372,000 | -13.6% |
| 90 | Platinum (unwrought) | $1,433,396,000 | -35.5% |
| 91 | TV/radio/radar device parts | $1,430,104,000 | -11.4% |
| 92 | Liquid/gas checking instruments | $1,310,652,000 | -3.9% |
| 93 | Vulcanized rubber items | $1,293,362,000 | -7.9% |
| 94 | Other machine parts, accessories | $1,291,738,000 | -10.2% |
| 95 | Miscellaneous heterocyclics | $1,280,115,000 | -17.9% |
| 96 | Initiators/accelerators, catalytic preps | $1,267,593,000 | -33.9% |
| 97 | Copper plates, sheets, strips | $1,228,798,000 | -20.5% |
| 98 | Cold-rolled iron or non-alloy steel products | $1,220,625,000 | -22.2% |
| 99 | Acrylic polymers | $1,161,233,000 | -12.6% |
| 100 | Lubricants, cutting oils | $1,158,557,000 | -6.6% |
These 100 exported goods were worth a subtotal of US$527.6 billion or 73.5% by value for all products exported from Japan during 2023.
Japanese Export Companies
Wikipedia lists many of the larger international trade players from Japan.
- Toyota Motor (cars, trucks)
- Japan Tobacco (tobacco)
- Denso (automotive parts)
- Canon (business products, supplies)
- Takeda Pharmaceutical (pharmaceuticals)
- Hitachi (electronics)
- Fanuc (industrial products)
- Panasonic (electronics)
- Astellas Pharma (pharmaceuticals)
- Nippon Steel (iron, steel)
- Mitsubishi Electric (electrical equipment)
According to global trade intelligence firm Zepol, the following companies are also examples of leading Japanese exporters.
- Honda Motor (vehicles, automotive parts)
- Nissan Motor (vehicles, automotive parts)
- Kubota (tractors, excavators, other heavy equipment)
In macroeconomic terms, Japan’s total exported goods represent 11% of its overall Gross Domestic Product for 2023 ($6.495 trillion valued in Purchasing Power Parity US dollars). That 11% for exports to overall GDP per PPP in 2023 is lower than the 12.2% in 2022. Those percentages suggest Japan’s relatively decreasing reliance on products sold on international markets for Japan’s total economic performance.
Another key indicator of a country’s economic performance is its unemployment rate. Japan’s unemployment rate averaged 2.45% for 2023, down from an average 2.592% for 2022 according to metrics from the International Monetary Fund.
See also Japan’s Top 10 Imports, Japan’s Top Trading Partners, Top Japanese Trade Balances and Japan’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World FactbookCountry Profiles. Accessed on March 18, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 18, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 18, 2024
International Trade Centre, Trade Map. Accessed on March 18, 2024
Investopedia, Net Exports Definition. Accessed on March 18, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 18, 2024
Wikipedia, List of Companies of Japan. Accessed on March 18, 2024
Wikipedia, Gross domestic product. Accessed on March 18, 2024
Wikipedia, Purchasing power parity. Accessed on March 18, 2024
Zepol’s company summary highlights by country. Accessed on March 18, 2024