In November 2022, Japan's exports of goods increased by 20% year-on-year, and the amount expanded to 8,837.514 billion yen; however, the growth of imported goods was even stronger-the growth rate was as high as 30.3%, and the import value increased to 1,0864.947 billion yen, reaching the 10 trillion yen level for the sixth consecutive month.
The trade deficit realized that month once again exceeded 2 trillion yen, a year-on-year increase of 108.2%, and it was the 16th consecutive month of deficit. Although the deficit growth rate was far lower than the 2287.9% in October this year, it was still at a high level, which is shocking.
Merchandise exports, imports, and deficit amounts all hit new highs in the first 11 months.
A report released by Japan’s Ministry of Finance also showed that the foreign merchandise trade deficit in the first 11 months of this year reached 18,512.453 billion yen, also a record high, with an increase of more than 100%. At the same time, Japan’s merchandise exports reached a new high of 89,399.186 billion yen.
The amount of imported goods reached 107.911639 billion yuan (nearly 108 trillion yen), still a record high. In other words, Japan's merchandise exports, imports, and deficits have simultaneously reached record highs, and they have all achieved rapid growth. How to interpret this?
There is a view that this is the joint result of skyrocketing energy and food prices and the backwardness of Japan's industrial structure. Japan's foreign merchandise trade deficit occurred before energy and food prices soared, and the subsequent impact of the Russia-Ukraine conflict only exacerbated this process.
The fundamental reason why foreign merchandise trade has been in deficit for 16 consecutive months is that Japan has failed to make major breakthroughs in the fields of new energy, the Internet, semiconductors, smartphones, and information technology, and its traditional advantageous industries have been squeezed by China, South Korea, Malaysia and other countries.
Compared with 30 years ago, the international market share of Japanese products has shrunk several times. The number of Fortune 500 companies owned by Japan once reached 149, and the United States had 152 Fortune 500 companies during the same period - the two countries accounted for 60% of the total number of Fortune 500 companies.
That year, in the list of the world's top 500 companies, China only had three companies on the list, which was only a fraction of the number of companies in Japan and the United States. By 2022, China will lead the world with 145 companies on the list; the United States will have 124 companies on the list, ranking second.
The number of Japanese companies on the list has dropped to 47, which is only equivalent to 31.5% of the peak period of Japanese companies. It can be seen that if any country cannot maintain innovation for a long time and keep up with the trajectory of global industrial transformation and upgrading, the consequences can only be "failure to advance or retreat."
Another point of view is more sharp-sighted and sees "the high growth of Japanese commodity exports and the high profits of foreign trade companies" in the context of the sharp depreciation of the yen. Nansheng reminds everyone that the high deficit is not "brought about by the reduction in the amount of commodity exports" - in fact, Japan's commodity exports are also growing at a high rate.
Except for the export growth rate of only 9.6% in January this year, the export growth rate in the other 10 months has reached double digits, and since August, it has achieved high growth of more than 20% for 4 consecutive months. This increase is not to mention developed countries like Japan.
Even emerging developing countries like Vietnam and India find it difficult to achieve this. As reported by Japanese media, the sharp depreciation of the yen has "increased the competitiveness of Japanese commodity exports in a disguised manner and increased profits" - it is expected to obtain an additional excess profit of more than 5 trillion yen.
Japanese cross-border e-commerce companies have also gained new development opportunities because of the "yen exchange rate advantage" - for example, Toyama Prefecture 's specialty persimmon cakes export prices have dropped (in U.S. dollars), and overseas sales have increased significantly; after the profits of some industries have expanded, employees Workers have received bonuses...
In short, it is good for Japan to have commodity exports, imports and deficit amounts hit new highs at the same time. It also has disadvantages. From different angles or industries, we may get completely different results, which allows us to see the diversity characteristics behind the data. What do netizens think of this? This article was written by Nan Sheng. Please do not reprint or plagiarize without authorization!
