GDP Growth of Japan in 2023
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,
- 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.
- 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.
- 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.
- 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.
- 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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