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U.S.-Japan Economic Harmonization Initiative

Launched in November 2010, the U.S.-Japan Economic Harmonization Initiative (EHI) is a new bilateral Initiative that aims to contribute to our countries’ economic growth by promoting cooperation to harmonize approaches that facilitate trade, address business climate and individual issues, and advance coordination on regional issues of common interest.

Click here for further information on business climate and individual issues, as well as cooperative issues, which the U.S. Government has highlighted for engagement with Japan under this Initiative.

U.S.-Japan Trade Facts

U.S. goods and private services trade with Japan totaled an estimated $290 billion in 2012 (latest data available). Exports totaled $116 billion; Imports totaled $173 billion. The U.S. goods and services trade deficit with Japan was $57 billion in 2012.

Japan is currently our 4th largest goods trading partner with $204 billion in total (two ways) goods trade during 2013. Goods exports totaled $65 billion; Goods imports totaled $139 billion. The U.S. goods trade deficit with Japan was $73 billion in 2013.

Trade in private services with Japan (exports and imports) totaled an estimated $73 billion in 2012 (latest data available). Services exports were $46 billion; Services imports were $27 billion. The U.S. services trade surplus with Japan was $20 billion in 2012.

Exports

Japan was the United States' 4th largest goods export market in 2013.

U.S. goods exports to Japan in 2013 were $65.1 billion, down 6.9% ($4.8 billion) from 2012, but up 25% from 2003. U.S. exports to Japan accounted for 4.1% of overall U.S. exports in 2013.

The top export categories (2-digit HS) in 2013 were: Optic and Medical Instruments ($8.0 billion), Aircraft ($7.1 billion), Machinery ($5.8 billion), Electrical Machinery ($4.9 billion), and Meat (pork and beef) ($3.3 billion). 

U.S. exports of agricultural products to Japan totaled $12.1 billion in 2013, our 4th largest export market. Leading categories include: pork and pork products ($1.9 billion), corn ($1.8 billion), beef and beef products ($1.4 billion), and wheat ($1.0 billion).

U.S. exports of private commercial services* (i.e., excluding military and government) to Japan were an estimated $46.5 billion in 2012 (latest data available), 4.8% ($2.1 billion) more than 2011 and 55% greater than 2002 levels. Other private services (business, professional, and technical services - management consulting and public relations services, legal services, and computer and information services), travel, and the royalties and license fees categories accounted for most of U.S. services exports to Japan.

Imports

Japan was the United States' 4th largest supplier of goods imports in 2013.

U.S. goods imports from Japan totaled $138.5 billion in 2013, a 5.4% decrease ($7.9 billion) from 2012, but up 17.4% from 2003.  U.S. imports from Japan accounted for 6.1% of overall U.S. imports in 2013.

The five largest import categories in 2013 were: Vehicles ($49.8 billion), Machinery ($30.5 billion), Electrical Machinery ($18.4 billion), Optic and Medical Instruments ($6.6 billion), and Aircraft ($3.8 billion).

U.S. imports of agricultural products from Japan totaled $572 million in 2013. Leading categories include: wine and beer ($52 million), snack foods (including chocolate) ($47 million), and other vegetable oils ($41 million). 

U.S. imports of private commercial services* (i.e., excluding military and government) were an estimated $26.9 billion in 2012 (latest data available), up 8.3% ($2.1 billion) from 2011, and up 65% from the 2002 level. The royalties and license fees, other transportation (freight services), and the other private services (business, professional and technical services - research and development and testing services and management consulting and public relations services) categories accounted for most of U.S. services imports from Japan.

Trade Balance

The U.S. goods trade deficit with Japan was $73.4 billion in 2013, a 4.0% decrease ($3.0 billion) over 2012. The U.S. goods trade deficit with Japan accounted for 10.7% of the overall U.S. goods trade deficit in 2013.

The United States has a services trade surplus of an estimated $19.6 billion with Japan in 2012 (latest data available), up 0.3% from 2011.

Investment

U.S. foreign direct investment (FDI) in Japan (stock) was $134.0 billion in 2012 (latest data available), a 6.3% increase from 2011.

U.S. direct investment in Japan is mostly in the finance/insurance and manufacturing sectors.

Japan FDI in the United States (stock) was $308.3 billion in 2012 (latest data available), up 5.9% from 2011.

Japan direct investment in the U.S. is mostly in the wholesale trade and manufacturing sectors.

Sales of services in Japan by majority U.S.-owned affiliates were $76.8 billion in 2011 (latest data available), while sales of services in the United States by majority Japan-owned firms were $100.0 billion.

 


 

*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services.


4/29/14