In 2019, Japan was the third largest economy in the world, after the United States and China with a Gross Domestic Product (GDP) worth 5.18 trillion US dollars, the Gross Domestic Value of Japan represents 4.49 percent of the world economy.
The UK exports to Japan amounted to 14.6 billion US Dollars in 2019 which was an increase of 8.5% from the same period the previous year. The top 5 products imported by Japan are:
· Petroleum oils and oils
· Liquefied natural gas
· Transmission apparatus
· Bituminous coal
· Monolithic integrated circuits
On 23 October 2020 the UK signed a Comprehensive and Economic Partnership Agreement (CEPA) with Japan, this agreement is meant to boost trade by £15.7 billion over the next 15 years. This new deal should also benefit UK companies across several sectors such as agriculture, food and drinks, manufacturing, digital as well as financial services sectors.
Japan is a stable country with a large, wealthy and highly educated consumer market, premium high-quality goods and services are in demand. Japanese companies are also extremely loyal and open to building long-term business relationships, they often use English when talking about business.
Keen to explore how to grow your business in Japan?
· Business Clinic – Doing Business in Japan – Free Online Event | 29th June:
We have teamed up with Haruna McWilliams to offer a free online business clinic with free market insights and expert guidance for companies who are seeking to grow their businesses in Japan. More info and register here Business Clinic - Doing Business in Japan Tickets, Wed 29 Jun 2022 at 09:00 | Eventbrite
· Market Entry Support:
We have partners in-country who can help you with finding partners and navigate through the complexities of exporting to Japan. Email us at exportbritain@gmchamber.co.uk for further support.