It is estimated that Japan's trade surplus on a customs clearance basis declined to 12.6 trillion yen in 2000, significantly lower than the 14 trillion yen recorded in 1999 and the 16 trillion yen of 1998.
Can we assume that Japan is moving toward a more balanced trade structure and that its economy has become more open?
One of the major reasons for the considerable decline is the sharp surge in oil imports, which reflect rising crude oil prices in international markets. In fact, oil imports in value terms rose 58.5 percent in 2000 over the previous year.