GCC increases exports to Japan in 2011

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Photo by Sam LeVan

Japan’s rising demand for expensive mineral fuels has resulted in a hefty increase in two-way trade with GCC countries, according to latest figures.

Trade between Japan and the GCC countries increased by 35 per cent in 2011 to US$162.2 billion, compared with $122.4 billion in 2010, a press release published in AMEINFO revealed.

GCC exports to Japan rose 39.4 per cent to $142.6 billion in 2011 while imports from the East Asian economic giant fell by 2.2 per cent to 19.6 billion.

Japan registered a trade deficit with the GCC of $122.9 billion in 2011, an increase of 49.5 per cent. The deficit in 2010 was $82,3 billion.

The report said that the 2011 earthquake, tsunami and nuclear accident in north east Japan “exerted great pressure on Japan’s economy”.

It continued: “In 2011, Japan had to increase the import of mineral fuels, especially gaseous hydrocarbons to compensate the loss of electric power produced by reactors that were crippled by the earthquake and the tsunami.”

Japan imported 31.5 million tonnes of petroleum gases from the GCC in 2011, an increase of 25.3 per cent. Added to the value was the fact that gas prices were higher at an average of about 26 per cent.

In 2011, the average price of petroleum gases was $799.21 per ton compared with $635.10 per ton in 2010.

Japan continued to import about the same volume of crude oils in 2011 as it did the previous year, except at 37 per cent higher in terms of price. The country bought almost a billion barrels of crude oil from the GCC in 2011.

The price surged to $108.86 per barrel in 2011 from $79.43 per barrel in 2010. Almost 76 per cent of Japan’s total crude oil imports in 2011 came from the GCC block.

Japan imported a total of 987.7 million barrels of crude oil from the GCC in 2011, compared to 991.5 million barrels in 2010. An increase of 28.4% was also registered in the value of light oils and oil preparations that Japan imported from the GCC countries in 2011 which was amounted to $8.3bn in total.

Japan’s total import of mineral fuels from the world over in 2011 was amounted to $274.3bn, compared to $198.6bn in 2010, an increase of 38.1%. The ratio of Japan’s mineral fuel imports to her total imports soared to 32.04% in 2011 from 28.60% in 2010 mainly due to the increases in the volume of import of petroleum gases, oil preparations and mineral tars. Meanwhile, the volume of Japan’s crude oil imports from the world over decreased by 2.04% to 1,301.9 million barrels in 2011, compared to 1,329.1 million barrels in 2011. However, 75.9% of Japan’s total crude oil imports in 2011 came from the GCC block.

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Reading Time: 2 minutes

Photo by Sam LeVan

Japan’s rising demand for expensive mineral fuels has resulted in a hefty increase in two-way trade with GCC countries, according to latest figures.

Reading Time: 2 minutes

Photo by Sam LeVan

Japan’s rising demand for expensive mineral fuels has resulted in a hefty increase in two-way trade with GCC countries, according to latest figures.

Trade between Japan and the GCC countries increased by 35 per cent in 2011 to US$162.2 billion, compared with $122.4 billion in 2010, a press release published in AMEINFO revealed.

GCC exports to Japan rose 39.4 per cent to $142.6 billion in 2011 while imports from the East Asian economic giant fell by 2.2 per cent to 19.6 billion.

Japan registered a trade deficit with the GCC of $122.9 billion in 2011, an increase of 49.5 per cent. The deficit in 2010 was $82,3 billion.

The report said that the 2011 earthquake, tsunami and nuclear accident in north east Japan “exerted great pressure on Japan’s economy”.

It continued: “In 2011, Japan had to increase the import of mineral fuels, especially gaseous hydrocarbons to compensate the loss of electric power produced by reactors that were crippled by the earthquake and the tsunami.”

Japan imported 31.5 million tonnes of petroleum gases from the GCC in 2011, an increase of 25.3 per cent. Added to the value was the fact that gas prices were higher at an average of about 26 per cent.

In 2011, the average price of petroleum gases was $799.21 per ton compared with $635.10 per ton in 2010.

Japan continued to import about the same volume of crude oils in 2011 as it did the previous year, except at 37 per cent higher in terms of price. The country bought almost a billion barrels of crude oil from the GCC in 2011.

The price surged to $108.86 per barrel in 2011 from $79.43 per barrel in 2010. Almost 76 per cent of Japan’s total crude oil imports in 2011 came from the GCC block.

Japan imported a total of 987.7 million barrels of crude oil from the GCC in 2011, compared to 991.5 million barrels in 2010. An increase of 28.4% was also registered in the value of light oils and oil preparations that Japan imported from the GCC countries in 2011 which was amounted to $8.3bn in total.

Japan’s total import of mineral fuels from the world over in 2011 was amounted to $274.3bn, compared to $198.6bn in 2010, an increase of 38.1%. The ratio of Japan’s mineral fuel imports to her total imports soared to 32.04% in 2011 from 28.60% in 2010 mainly due to the increases in the volume of import of petroleum gases, oil preparations and mineral tars. Meanwhile, the volume of Japan’s crude oil imports from the world over decreased by 2.04% to 1,301.9 million barrels in 2011, compared to 1,329.1 million barrels in 2011. However, 75.9% of Japan’s total crude oil imports in 2011 came from the GCC block.

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