Japan’s Exports Hit Record High Amid Persistent Trade Deficit

Japan’s exports reached a record high in 2024, while its trade deficit narrowed by 44% from the previous year, the Finance Ministry reported, Yuri Kageyama wrote for the Associated Press (AP).

Exports totaled 107.9 trillion yen ($691 billion), marking the second consecutive year above 100 trillion yen. I Photo: U-ichiro Murakami (Murambo) Wikimedia Commons

Exports totaled 107.9 trillion yen ($691 billion), marking the second consecutive year above 100 trillion yen and the highest level since records began in 1979. However, the trade deficit stood at 5.3 trillion yen ($34 billion), fueled by rising energy costs and global inflation.

December exports rose 2.8% year-over-year, exceeding expectations, while imports grew by 1.8%.

Exports to Asia and Europe increased, while those to the U.S. dipped slightly. Analysts noted that some companies may have accelerated shipments to avoid potential tariffs, with U.S. President Donald Trump suggesting a 25% tariff on imports from Canada and Mexico starting Feb. 1.