Trade Between Japan and Russia Declines in 2024, Temporary Uptick in 2025

The volume of trade between Japan and Russia dropped by 9.41% during the 2024 fiscal year (from April 1, 2024, to March 31, 2025), falling to ¥1.17 trillion (approximately $8.2 billion USD), according to estimates by TASS based on data from Japan’s Ministry of Finance.

Temporary Rebound in March 2025

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Despite the annual decline, trade between the two countries rose by 8.56% in March 2025, reaching ¥117.2 billion (about $827 million USD). Japanese exports to Russia jumped 47.6% in March year-on-year, while imports fell by 4.3%.

Decline in Japanese Imports of Russian Energy
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Japan reduced its imports of Russian liquefied natural gas (LNG) by 7.3% in 2024, with a steep year-over-year drop of 34.4% in December. Coal imports from Russia also plummeted by 64.7% over the year, totaling 610,000 tons compared to 2.42 million tons in 2023.

Fall in Japanese Exports to Russia
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Japanese exports to Russia dropped by 17.2% in 2024, totaling ¥327 billion (approximately $2.09 billion USD). These exports were mainly composed of vehicles and spare parts, with automobile exports down by 6.3% and parts by 6.8%.

Short-Term Trade Upticks in Select Months
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Despite the overall annual decline, some months saw brief trade increases. In October 2024, total trade rose by 6.75% year-on-year to ¥107.754 billion (around $696.5 million USD), driven by a 52.8% increase in Japanese car exports to Russia, even as imports from Russia fell by 5%.

Shift in Japan’s Energy Sources
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Japan is aiming to reduce its reliance on Russian energy by diversifying LNG imports from countries like the United States, Australia, and Malaysia. This shift comes amid declining domestic gas demand and a growing dependence on renewable energy sources.

The trade decline between Japan and Russia throughout 2024 reflects the impact of ongoing geopolitical tensions and changes in energy policy, as Japan continues to seek more secure and diversified energy alternatives.