Japan‘s exports grew at a year-on-year rate of 21.5% in 2021, to 83 trillion 093.089 million yen, the Ministry of Finance reported.
Data is preliminary and not seasonally adjusted.
On the contrary, Japanese imports were 84 billion 565.244 million yen, an advance of 24.3%, at an annual rate.
Consequently, Japan recorded a deficit of 1 trillion 472.155 million yen in its product trade balance in 2021.
On the outlook for this nation, the OECD projects that private consumption will continue to recover as the remaining confinement measures are lifted, supported by measures in the new economic policy package that include benefits for households and the resumption of the campaign “GoToTravel”.
While currently affected by supply chain disruptions, exports will expand steadily as trading partners recover, the OECD predicts.
Also, he adds, imports will grow, reflecting the recovery of domestic consumption and business investment.
Recent surveys point to heavy planned investment, including in software and R&D.
Investment will be boosted by the recovery of exports and production, plus subsidies for SMEs and R&D, especially in the digital and green areas.
The OECD outlook indicates that the Japanese labor market will continue to improve, although wage growth may remain sluggish in the near term, partly due to composition effects with the re-employment of lower-wage workers and reductions in employment. corporate earnings.
Another of his estimates: consumer price inflation will rise gradually as domestic demand grows, but remain below target. Consequently, monetary policy will remain accommodative.
In 2021, Japan’s exports to China increased by 19.2%, to 17.98 billion yen, and its imports from China totaled 20.35 billion yen, which is 16.2% more than the previous year.
Meanwhile, Japan’s foreign sales to the United States amounted to 14.84 billion yen, a year-on-year growth of 17.7%, while, inversely, its imports from the US market were 5.94 billion yen, climbing 19.3 percent. hundred.
Finally, Japan’s exports to Mexico, its main trading partner in Latin America, were 1.19 billion yen, an increase of 33%, and its purchases from the Mexican market totaled 632.615 million yen, an increase of 8.8%, at annual rates.