Korean Media: Japan Is No Longer One of the World's Top Five Exporters!
On March 27, South Korean media outlet *Gukmin Daily* published an article stating that Japan, once among the world's top five exporters, saw its export volume surpassed by countries such as Italy in the second half of last year, dropping to seventh place.
According to statistics from the Organization for Economic Cooperation and Development (OECD), Japan’s exports reached $370 billion last year, $60 billion less than Italy’s $376 billion.
Japan had previously been among the world’s top five exporters alongside China, the United States, Germany, and the Netherlands. However, in the second half of last year, it was overtaken by Italy, losing its fifth position. The reversal in export figures between Japan and Italy is closely linked to the tariff policies implemented under the Donald Trump administration. As a key pillar of Japan’s industrial base, the automotive sector suffered severe setbacks due to high tariffs imposed by President Trump, leading to a significant contraction in overall export volumes. Automotive exports account for 17% of Japan’s total exports. In contrast, although Italy boasts globally renowned car brands such as Ferrari, Lamborghini, and Fiat, automotive exports make up only 3% of its total exports.
Additionally, the depreciation of the yen has also impacted the market. While export competitiveness may have improved, the decline in the yen’s value caused Japan’s export figures—converted into U.S. dollars—to shrink even more drastically compared to Italy’s. *The Nikkei* noted: “This reversal in export values between Japan and Italy marks the first time in half a century. Meanwhile, Japan narrowly fell behind South Korea, dropping to seventh place.”
Original source: toutiao.com/article/1860817460124682/
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