US Economic Relations with Japan
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The US economy is larger than the Japanese economy by 2.5 times on the basis of PPP (Purchasing Power Parity). While both ecoomies have high standards of living, the standard of living in the United States of America is slightly higher than that in Japan. The economic growth in the United States has been robust in recent decades. Japan, on the other hand, has faced phases of recessions and slow economic growth.
The nature of economic relations bteen the United States of America and Japan have changed over time. The relations bteen the countries have also fluctuated ranging from very tense at times to calm relations. However, the two countries remain strategic economi partners and contribute significant shares to each others foreign investment and foreign trade. However, in recent years, the significance of US economic relations has declined to some extent due to two important reasons –
The major import items of the United States of America from Japan are –
According to estimates of 2006, these items constituted 75% of US imports from Japan.
The major export items from the United States to Japan are –
US exports to Japan (Merchandise trade) – 1997-2006 (in billion US dollars)
1997 – 65.5
1998 – 57.9
1999 – 57.5
2000 – 64.9
2001 – 57.5
2002 – 51.4
2003 – 52.1
2004 – 54.4
2005 – 55.4
2006 – 59.6
US imports from Japan (Merchandise trade) – 1997-2006 (in billion US dollars)
1997 – 121.7
1998 – 122.0
1999 – 131.4
2000 – 146.5
2001 – 126.5
2002 – 121.4
2003 – 118.0
2004 – 129.6
2005 – 138.1
2006 – 148.2
US exports to Japan (Services) – 1997-2006 (in billion US dollars)
1997 – 34.3
1998 – 30.7
1999 – 31.9
2000 – 33.7
2001 – 30.5
2002 – 30.4
2003 – 30.1
2004 – 36.0
2005 – 42.5
2006 – 42.0
US imports from Japan (Services) – 1997-2006 (in billion US dollars)
1997 – 14.9
1998 – 14.8
1999 – 17.4
2000 – 18.8
2001 – 18.0
2002 – 18.9
2003 – 20.0
2004 – 21.3
2005 – 23.8
2006 – 25.5