During the Empire of Japan and up to 1945, Japan was dependent on imported foods and raw materials for industry. At the time, Japan had one of the largest merchant fleets in the world with a total of approximately 6 million tonnes of displacement before December 1941.[1] Despite heavy naval losses during the Pacific War, Japan was still left with 4,700,000 tonnes.

Trade

Despite popular perception, during the 1930s Japan was exporting low-cost items successfully.[2] However, between the years of 1929 and 1938 foreign commerce dropped from 3.7% to 3.5%. Japan ran a trade deficit, selling a total of US$12.85 and buying US$15.25 per capita. This was in part brought on by the purchase of wartime materials.

Japan's primary trading partners in order were:

Japan exported 32% of its total output to the United States, and purchased 21% of its foreign trade.

Japan's imports were as follows:

Japan's exports were as follows:

Japan's primary exports were raw silk, controlling 80% of the world's production, and tea, controlling 10%.

Japan's total foreign trade was equivalent to Belgium, a country with less than 10% of Japan's population.

In 1897, the local monetary unit, the yen, was valued on the gold standard at a base level of 24.5 British Pence, which permits the use in the figures of the pound sterling or gold-backed US dollars.

(1 Yen = 24.5 British Penny or 10.8 Yen = 1 British Guinea = 1.05 Pounds Sterling)

Values in millions of British Pounds
Dates Imports Exports
1891 to 1895 11.51 12.61
1901 to 1905 35.92 30.23
1906 to 1910 46.40 43.70
1911 to 1913 64.63 55.51
1925 to 1929 213.48 187.55
Values in Millions of Gold U.S. Dollars
Dates Imports Exports
1891–1895 55 60
1901–1905 175 150
1906–1910 230 215
1911–1913 320 275
1925–1929 1,050 925

During the worldwide depression (1931 to 1934), Japanese exterior commerce grew.[2] The expansion of this trade was in part due to European difficulties in supplying their colonies, allowing Japan to expand into new markets. Before the war, crude silk represented one-third of exports and 10% of processed silk. Other products for export were rayon, cotton, processed silk and others. In 1937 exports were crude silk, cotton fabrics, and rayon. Japan was importing raw cotton, wool, and oil imported products.

See also

References

  1. ^ Murray, Williamson; Allan Reed Millett (2000). A War to Be Won: Fighting the Second World War. Harvard University Press. p. 39. ISBN 0-674-00680-1.
  2. ^ a b Hunter, Janet (2000). Japanese economic history 1930–1960. Routledge. pp. 2–15. ISBN 0-415-21815-2.
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