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Wisconsin Economic Development Corporation: global trade venture to Tokyo, Yokohama & Chiba City, Japan
September 6 - September 14
With a population of 127 million and the fourth-largest economy in the world, Japan is an economic powerhouse. Japan’s economy has returned to strong annual growth rates over the last decade after a period of stagnation in the 1990s and the global slowdown of the 2000s. Annual GDP growth has averaged 1.3% since 2012.
Economic growth in recent years has been supported by Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda of monetary easing, flexible fiscal policy and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation.
Overall U.S. trade in goods and services with Japan was valued at $297.5 billion in 2018, with a trade surplus of $67.6 billion held by Japan. The country ranks fourth among U.S. export destinations and also among U.S. import sources. It was announced in late 2018 that negotiations would begin for a U.S.-Japan trade agreement. Discussions are ongoing, covering topics such as agriculture, standards for digital trade, and reducing Japan’s trade surplus.
Wisconsin exported $734.3 million worth of goods to Japan in 2018. Wisconsin’s exports to Japan declined by 6.88% in 2018 compared to the 2017 total, but rebounded in the first quarter of 2019 by 11.0% compared to the first quarter of 2018. Japan is the #6 destination for Wisconsin exports, with top categories including industrial machinery (which alone grew by 44.0% in the first quarter of 2019), medical and scientific instruments, electrical machinery, and prepared meat and seafood products.
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