Japan Records Higher Trade Surplus in 2012

TOKYO – Japan’s automotive trade surplus rose 9.5% in 2012 to ¥11.0 trillion ($137 billion), according to statistics compiled by the Customs and Tariffs Bureau within the Ministry of Finance.

Exports, both in vehicles and parts, reached ¥12.4 trillion ($155 billion) in 2012, up 8.9% from the previous year’s ¥11.2 trillion ($140 billion) total.

Meanwhile imports, aided by the strong yen, grew by more than 20% to ¥1.5 trillion ($18.3 billion).

Vehicles accounted for 73% of automotive trade during the year.

Japan exported 4.8 million vehicles in 2012, while imports totaled 315,993 units. That 15:1 ratio suggests imported models tend to be of higher value.

Germany accounted for more than half of vehicle imports by value, while the U.S. is the destination point for 43% of Japan’s vehicle exports.

Germany’s automotive trade surplus with Japan (both vehicles and parts) rose to ¥507.8 billion ($6.3 billion), up from ¥209.0 billion ($2.6 billion) in 2011. The near record low yen-euro exchange rate (averaging€1:¥102.7 throughout the year), coupled with the weak European economy, were the main reason for the rise.

In Asia, Japanese OEMs and suppliers exported ¥593.5 billion ($7.4 billion) of components to China and ¥609.8 billion ($7.6 billion) to Southeast Asia, including ¥324.8 billion ($4.1 billion) to Thailand and ¥165.1 billion ($2.1 billion) to Indonesia.

In the case of Thailand and Indonesia, both registered double-digit growth over the previous year, while exports to China, due mainly to anti-Japanese demonstrations over a territorial dispute, fell 10% year-on-year.