In 2019, Australia's major exports to Japan included natural gas ($20.2 billion), coal ($19.2 billion) iron ores and concentrates ($5.7 billion), and beef ($2.3 billion). Japan has traditionally been very reliant on fossil fuels, but the government has committed significant budget to developing renewables and is moving towards a hydrogen based economy in the future.
Japan is Australia's second largest trading partner with two way trade valued at AUD$81.3 billion. Japan was also Australia's third largest source of Foreign Direct investment in 2019 investing some AUD$229 billion, falling behind only the UK and the USA, but worth over three and half times more than investment from China.
Japan has been on the road to reform, with PM Suga consolidating the set of policies known as the "3 arrows" set by previous PM Abe which included monetary, fiscal, and structural reforms. The economy's prospects have brightened significantly but like most economies has taken a significant hit due to COVID-19 but still easily has the highest per capita GDP in North East Asia.
Japan has, however, proven to be a major long term partner for Australian companies and while patience is needed to get your product offering right for the market the rewards are significant. Significant opportunities exist for ingredients for food manufacturing and premium food and beverage, especially leding up to the Tokyo Olympics.
| Population | 126.5 million (2018) |
| GDP | $ 5,154 billion (2019) |
| GDP per Capita (nominal) | $ 40,846 (2019) |
| GDP growth | 1.0% (2019) |
| Inflation | 1.0% (2019) |
| Key Industries | Electronics, telecommunications, automobile production, steel, computer games, chemical products, robotics |
| Import Partners | China 23.2%, USA 11.2%, Australia 6.1% (2018) |
| Export Partners | China 19.5%, USA 19.1%, Korea 7.1%, Australia (9th) 2.3% (2018) |
