Due to Japan’s scarcity in its natural resources, it remains to be heavily protected by their government thus, the country’s economy heavily relies on international trade. These imports greatly contribute to its country’s continuous development.
Most Import products
Here are the lists of the most popular imports to Japan and the most important for their thriving economy.
1. Crude Oil
Japan’s largest source of energy, crude oil is almost 100% imported and their largest importer is Saudi Arabia, Russia and Iran. In the 2019 fiscal, Japan reportedly imported in a whopping 155 gigaliters of crude oil in the Middle East alone. In recent years, Japan has diversified their suppliers in countries such as Indonesia and China, reducing their reliance on their crude supply in the Middle East. Crude oil is the first most imported product in Japan.
2. Petroleum Gases
The country ranks the world’s largest importer of petroleum gas due to its limited resources relying 90% of its needs from imports. Their imports majorly came from countries such as Malaysia, Indonesia, Australia, Qatar and Russia. In recent records in October this year, petroleum gas imports decreased from 31753 JPY million last of September 2020 to 28607 JPY million.
3. Smartphone devices
In 2019, Japan paid 15.44$ billion USD for phone devices ranking in the top 3 who paid the most for imported smartphones in the world. Japan’s top importers are countries China, South Korea, Vietnam, Indonesia and Thailand. Since 2015, on the average of 7.5%, Japan’s demand on smartphones increased in each primary country who supplies cellphones.
4.Electronic Integrated Circuits and microassemblies
Japan is the 10th largest importer of integrated circuits in the world having imported 17.9 billion usd.
It is the 5th most imported product in the country, their primary importers are countries United States of America, China Singapore and Malaysia.
5. Solid Coal
Similarly on the lists above, Japan is the third largest importer of solid coal. In 2019, the country had consumed more than 200 million short tons (MMst).
As of today, Japan still uses steam coal to fuel their one-third of its power generation and metallurgical coal for steel production.
Conclusion
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References:
http://www.worldstopexports.com/japans-top-10-imports/
https://oec.world/en/profile/country/jpn
https://trendeconomy.com/data/h2/Japan/TOTAL
BY LA