Tag Archives: Largest Export Market

US Recognizes Japan as the Largest Export Market

The US market for the Asian countries continues to expand for four consecutive years this year. However, the United States has replaced China and has placed Japan as the largest Export Market in Asia. The same position had been held by China for 2011 and 2012. China had been the potential export market for the US till March 31, 2013.

japan economy

Statistics in Exports

The available figures show that in the year 2012, Japan recorded a deficit of 8.170 trillion yen which is nearly equal to $82.94 billion. During this period, the country faced lower exports with larger imports. Japan recorded a significant decrease in trade in the fields of shipping, mining machineries, and electronic parts. Among these, the shipping industry lost maximum in terms of value. It was nearly 15.2 percent of the total fiscal deficit.  It was followed by Construction and Mining industry that lost about 12.6 percent.

Statistics in Imports:

The year 2012 witnessed unprecedented rise in the imports of Liquefied Natural gas (LNG), telecommunication, and crude oil. Among these commodities, the telecommunication witness phenomenal growth of 31.9 percent. It was followed by the sharp increase in imports in LNG which touched a growth rate of 14.9 percent.

Overall standings

Japan is now considered as the third largest country in the world in terms of economy.  It follows US and China very closely and the expectations are stronger for taking them over sooner. This growth rate is also a fruitful sign for other Asian countries that have the potential of growth in the time to come as well.