GDP Growth of Japan in 2023

Posted by Amit Singh
5
Sep 30, 2024
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Japan in East Asia with its maritime borders to the Pacific Ocean lies in the east of the Korean Peninsula. The country along with a plethora of excavating landscapes is also home to numerous wildlife reserves like Shiretoko National Park (Hokkaido), Yakushima (Kagoshima), Kushiro Shitsugen National Park (Hokkaido), Ogasawara National Park (Ogasawara Islands), Nikko National Park (Honshu) and Akan-Mashu National Park (Hokkaido) contributing heavily to the tourism sector of the nation boosting its trade growth. Japan doesn’t have plenty of natural resources but the few available in the land area also contribute to the growing economy which includes Limestone, Coal, Sulfur, Geothermal Reserves, and Zinc.

 

Since the post-World War 2 period the economy of Japan has been facing tremendous upward trends in its economic growth due to various government policies, innovation in technologies, and many other factors. Different Factors induced by the government like Export Oriented Growth, Focus on research and development, and Adaptation of foreign technologies have made the country record a boosted GDP of 5.2 trillion US dollars in 2023 with an import and export trade value of 775 billion US dollars and 936 billion US dollars.

 

TOP 5 REASONS BEHIND JAPAN’S ECONOMIC GROWTH

 

The East Asian nation Japan has been growing in a positive manner and emerging as one of the top global traders among different countries across the globe for the past few years. According to the Japan Customs Data, the top 5 factors behind the country’s rapid economic growth are discussed below,

 

  1. Financial Support from the United States – The financial support from the United States after the Post World War 2 has supported the country in recovering its all economic losses and rebuilding infrastructure and industries.
  2. Export-producing industries – The increasing focus of the industrial sectors in preparing some of the top globally demanded products like machinery and automobiles is promoting global growth.
  3. Innovative technologies – The country’s strong grip on advanced technologies has not only boosted trade growth by inducing technology-equipped products for efficient productivity but has also improved the global trade rank of the nation.
  4. Government policies – Different government policies induced by the MITI for building better trade relations with the top traders have improved the strategic relations contributing to positive trade growth.
  5. Skilled Workforce – The skilled working professionals of the nation engaged in different sectors are the significant factors behind the country’s global growth.


Valuations of Top 5 Imports 

According to the Japan Import Data, the valuations of the top 5 imports of the nation in 2023 with its subcategories of imports are discussed below,

  • Oil – Total valuation of oil import in Japan 2023 – 170 billion US dollars

IMPORT VARIATIONS

1.      Crude Oil

2.      Petroleum gas

3.      Other Refined Petroleum products

4.      Coal Tar Oil

5.      Bituminous Coal

  • Machinery - Total valuation of machinery imported in Japan 2023 – 150 billion US dollars

IMPORT VARIATIONS

1.      Electrical machinery

2.      Nuclear reactors

3.      Optical instruments

4.      Sound recording apparatus

5.      Industrial machinery

  • Electronic Equipment - Total valuation of electronic import in Japan 2023 – 130 billion US dollars

IMPORT VARIATIONS

1.      Integrated Circuits

2.      Computers

3.      Semiconductors

4.      Telecommunication equipment

5.      Electronic components

  • Vehicles - Total valuation of vehicles imported in Japan 2023 – 80 billion US dollars

IMPORT VARIATIONS

1.      Passenger cars

2.      Trucks

3.      Motorcycles

4.      Auto parts

5.      Buses ­

  • Pharmaceuticals - Total valuation of pharmaceuticals imported in Japan 2023 – 60 billion US dollars

IMPORT VARIATIONS

1.      Antibiotics

2.      Anti-cancer drugs

3.      Cardiovascular drugs

4.      Vaccines

5.      Anti-diabetic drugs


Valuations of Top 5 Exports 

As per the Japan Export Data, the valuations of the top 5 exported products of the nation in 2023 with its variations of exports are discussed below,

  • Motor Vehicles – Total valuation of Motor Vehicles exports in 2023 – 180 billion US dollars

EXPORT VARIATIONS

1.      Passenger Cars

2.      Trucks 

3.      Motorcycles

4.      Buses

5.      Station Wagons

  • Electronic Equipment – Total valuation of Electronic Equipment exports in 2023 – 150 billion US dollars

EXPORT VARIATIONS

1.      Electronic Integrated Circuits

2.      Computer parts and accessories

3.      Electric Motors

4.      Video game consoles

5.      Telecommunication

  • Iron and Steel – Total valuation of Iron and Steel exports in 2023 – 90 billion US dollars

EXPORT VARIATIONS

1.      Iron Ore

2.      Flat-rolled products

3.      Steel Bars

4.      Wire rods

5.      Stainless Steel

  • Machinery – Total valuation of Machinery exports in 2023 – 80 billion US dollars

EXPORT VARIATIONS

1.      Electrical Machinery

2.      Industrial Machinery

3.      Motor Vehicles

4.      Optical instruments

5.      Ships and boats

  • Plastics – Total valuation of Plastics exports in 2023 – 60 billion US dollars

EXPORT VARIATIONS

1.

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