That dollar amount results from a -1.7% year-over-year retreat versus $719.8 billion in 2023.
From 2020 to 2024, the overall value of Japanese exported goods grew by 10.4% from $641 billion.
Known as the Land of the Rising Sun, Japan is a major economic and political power in Asia. The United States of America was the number one purchaser of Japanese export products during 2024, surpassing mainland China one year prior.
Applying a continental perspective, approaching three-fifths (57.8%) of Japan exports by value was delivered to fellow Asian countries while 23.3% was sold to North American importers.
Japan shipped another 12.3% worth of goods to customers located in Europe.
Smaller percentages went to buyers in Oceania led by Australia and New Zealand (2.8%), Latin America (2.5%) excluding Mexico but including the Caribbean, then Africa (1.2%).
Japan’s Top Trading Partners
Below is a list showcasing 25 of Japan’s top trading partners, countries that imported the most Japanese shipments by dollar value during 2023. Also shown is each import country’s percentage of total Japanese exports.
- United States: US$141.4 billion (20% of total Japanese exports)
- mainland China: $124.5 billion (17.6%)
- South Korea: $46.5 billion (6.6%)
- Taiwan: $45.3 billion (6.4%)
- Hong Kong: $36 billion (5.1%)
- Thailand: $26.6 billion (3.8%)
- Singapore: $19.8 billion (2.8%)
- Germany: $17.4 billion (2.5%)
- India: $17.2 billion (2.4%)
- Vietnam: $17.1 billion (2.4%)
- Australia: $16 billion (2.3%)
- Malaysia: $13.9 billion (2%)
- Indonesia: $13 billion (1.8%)
- United Arab Emirates: $12.7 billion (1.8%)
- Mexico: $12.3 billion (1.7%)
- Netherlands: $11.5 billion (1.6%)
- United Kingdom: $11.4 billion (1.6%)
- Canada: $11.2 billion (1.6%)
- Philippines: $10 billion (1.4%)
- France: $6.7 billion (0.9%)
- Saudi Arabia: $6.1 billion (0.9%)
- Switzerland: $6 billion (0.8%)
- Belgium: $5.8 billion (0.8%)
- Italy: $5.1 billion (0.7%)
- Panama: $4.6 billion (0.7%)
Nine-tenths (90.2%) of total Japanese exports in 2024 was delivered to the above 25 trade partners.
Top importers increasing their purchases from Japan at the fastest pace were the United Arab Emirates (up 21.6% from 2023), Panama (up 17.1%), Switzerland (up 11.5%), Hong Kong (up 10.1%) and India (up 8%).
The severest decliners were Italy (down -16.8% from 2023), Netherlands (down -14.5%), Germany (down -10.4%), Indonesia (down -10.1%) and Thailand (down -9.4%).
Countries Causing Worst Japanese Deficits
Japan recorded an overall -US$35.6 billion trade deficit for 2024, reducing by -46.5% compared to -$66.5 billion worth of red ink in 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2024, Japan incurred the highest trade deficits with the following countries.
- mainland China: -US$42.7 billion (country-specific trade deficit in 2024)
- Australia: -$36.9 billion
- United Arab Emirates: -$24.1 billion
- Saudi Arabia: -$23.8 billion
- Indonesia: -$10.2 billion
- Vietnam: -$9.7 billion
- Italy: -$7.1 billion
- Chile: -$6.5 billion
- Kuwait: -$5.55 billion
- Qatar: -$5.48 billion
Among Japan’s trading partners that cause the greatest negative trade balances, Japanese deficits with Italy (up 19.2%), Chile (up 15.2%) and Vietnam (up 12.2%) grew the fastest from 2023 to 2024.
Countries Generating Best Japanese Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2024, Japan incurred the highest trade surpluses at the expense of the following countries.
- United States of America: US$56.5 billion (country-specific trade surplus in 2024)
- Hong Kong: $34.1 billion
- South Korea: $15 billion
- Taiwan: $14.8 billion
- Singapore: $12.2 billion
- India: $10.8 billion
- Netherlands: $7.9 billion
- Mexico: $6.4 billion
- Panama: $4.4 billion
- United Kingdom: $3.4 billion
Among Japan’s trading partners that generate the greatest positive trade balances, Japanese surpluses with Taiwan (up 103.7%), Panama (up 37.9%) and Singapore (up 19.9%) grew the pace from 2023 to 2024.
These positive cashflow streams clearly indicate Japan’s competitive advantages with the above countries, but also represent key opportunities for Japan to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Japanese Trading Partners
According to the Japan Import Export Directory, the following are examples of entrepreneurial companies that ship products from Japan to its trading partners around the globe. Shown within parenthesis is the product category that the Japanese business specializes in.
- Aiza Corporation Japan (consumer electronics)
- Akasaka Diesels Limited (marine engines, generators)
- Aktio Corp. (construction equipment)
- Fuji Latex Co., Ltd. (shock absorbers)
- Japan Algae Co., Ltd. (dietary supplements)
- Kiramek, Inc. (vehicle security products)
- Kyodo Co., Inc. (steel)
- Ochadokoro Sanwa (Japanese Green tea)
- TMO International Limited (gold, gemstones)
- Whn Co., Ltd. (new/used cars)
See also Japan’s Top 10 Imports, Japan’s Top 10 Exports, Top Japanese Trade Balances and Japan’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World FactbookCountry Profiles. Accessed on February 21, 2025
IMPORTERS.com The Online Market for G20 Importers, Japan Import Export Directory. Accessed on February 21, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 21, 2025
International Trade Centre, Trade Map. Accessed on February 21, 2025
Investopedia, Net Importer Definition. Accessed on February 21, 2025