Sino-Japanese Trade Hits All-Time High

Japan External Trade Organization (JETRO)
February 2, 2000

Trade between China and Japan in 1999 rose for the first time in two years to a record $66.18 billion dollars, up 16.3% from the year earlier, the Japan External Trade Organization (JETRO) announced today.

The figures are based on yen-based customs-clearance figures released on a preliminary basis by the Ministry of Finance, which JETRO converted into U.S. dollars. The previous record for Sino-Japanese trade, $63.9 billion, was set in 1997.

Japanese exports to China were valued at $23.33 billion, up 16.5%, and imports from China came to $42.85 billion, up 16.1%. Both amounts were also records. Japan's trade deficit with China for the year was $19.52 billion, which approached the previous high of $20.3 billion recorded in 1997.

China accounted for 9.1% of Japan's foreign trade, second only to the United States' share, 26.9%, which was valued at $195.0 billion. China bought 5.6% of all Japanese exports, rising to third among Japan's trading partners. It was fourth in 1998. China's share of exports to Japan was 13.8%, which followed only the United States, as in 1998.

In yen terms, Japanese exports to China amounted to ¥2.66 trillion, up 1.4%, and imports totaled ¥4.87 trillion, up 0.6%. Total trade rose 0.9% to ¥7.53 trillion. All figures increased for the first time in two years.

The large differences between the yen and dollar figures were due to the yen's 14.9% rise against the dollar (IMF calculation) during the year.

Volume-based exports and imports (January to November) both recorded double-digit increases of 13.1% and 15.7%, respectively.

For the current year, JETRO forecasts continued rises in both exports and imports, particularly processed goods, given expectations for improved consumer spending in Japan.

For further information: Overseas Research Department