Trade turnover between Japan and Russia in the first half of the year decreased by 41.65% in annual terms

The trade turnover between Russia and Japan in January-June 2023 amounted to 806.8 billion yen (about $5.7 billion), which is 41.65% lower than in the same period last year, follows from datapublished by the Japanese Ministry of Finance.

During the reporting period, exports to Russia from Japan decreased in annual terms by 17%, to 239.9 billion yen (about $1.7 billion), imports from Russia fell by 48.2%, to 566.9 billion yen (about $4 billion).

In June, the trade turnover between Japan and Russia amounted to 122.5 billion yen (about $876.8 million). In annual terms, the indicator decreased by 36.68%. Exports from Russia in June increased by 29.3% (to 51.51 billion yen, or about $368.7 million), imports to Russia decreased by 53.8% (to 70.99 billion yen, or about $508.1 million).

According to the Ministry of Finance, in the first half of the year, Japan increased grain imports from Russia by 509.7% compared to the same period last year. Imports of liquefied natural gas (LNG) from the Russian Federation, on the contrary, decreased by 21.4% over the reporting period. Japan, in turn, increased its exports of medical products to Russia by 815% in the first six months of the year.

In 2022, Japanese exports to Russia fell by 40.5% to $4.67 billion. The largest export item last year was used cars, informed Chargé d’Affaires of the Russian Federation in Japan Gennady Ovechko Ovechko – 41.5% of the turnover. According to Mr. Ovechko, in the first quarter of 2023, the trade turnover between Japan and Russia decreased by 41%.

Erdni Kagaltynov