Key Economic Events
- In 2007, the U.S. merchandise trade deficit with Japan declined due to an expanding Japanese economy, a slowing U.S. economy, and the depreciation of the U.S. dollar relative to the Japanese yen.
- A majority of the increase in U.S. exports to Japan occurred in agricultural products, transportation equipment and minerals and metals. Increased value of U.S. exports to Japan in each category, respectively, are due to higher agricultural commodity prices and decreased global grain supplies, increased demand for aircraft due to expansion efforts by Nippon Cargo Airlines, and the use of platinum group metals in production of transportation equipment.
- U.S. imports from Japan declined due to fewer imports of transportation equipment and machinery. The decline in the U.S. housing market along with increased U.S. production construction and mining equipment lessened import demand for transportation equipment.
Trade Shifts in 2007 from 2006
- U.S. trade deficit:Decreased by $5.6 billion (6 percent) to $86.8 billion
- U.S. exports: Increased by $2.5 billion (5 percent) to $58.1 billion
- U.S. imports: Decreased by $3.1 billion (2 percent) to $144.9 billion
- Certain Welded Large Diameter Line Pipe from Japan and Mexico, Investigation Nos. 731-TA-919 and 920 (Review), Publication 3953 October 2007
- Oil Country Tubular Goods from Argentina, Italy, Japan, Korea, and Mexico, Investigation Nos. 731-TA- 711 and 713-716 (Second Review), Pub. 3923, June 2007.
- Carbon Steel Products from Australia, Belgium, Brazil, Canada, Finland, France, Germany, Japan, Korea, Mexico, the Netherlands, Poland, Romania, Spain, Sweden, Taiwan, and the U.k. Pub. 3899, January 2007.
Other Government Resources
- Ministry of Economics, Trade, and Industry of Japan
- U.S. Central Intelligence Agency: World Factbook
- U.S. Department of Energy, Energy Information Administration: Country Analysis Brief - Japan
- U.S. Department of State: Background Note - Japan