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Japan reduces LNG imports from Russia by 10.7% in 2023

Imports of oil and oil products from Russia to Japan decreased by 94.8% during the reporting period

TOKYO, January 24. /TASS/. Japan reduced imports of liquefied natural gas (LNG) from Russia by 10.7% in 2023 compared to 2022, according to statistics published by the country's Ministry of Finance.

According to TASS calculations, the share of LNG from Russia in the total imports of this type of fuel amounted to 9.7%, which approximately equals the figure for 2022 (9.54%). Imports of Russian coal over the past year decreased by 70.2%.

Imports of oil and oil products from Russia to Japan decreased by 94.8% during the mentioned period. However, according to data for previous months, Japan imported oil from Russia only in January and February 2023, after which purchases of this type of raw material ceased.

Japan's total LNG imports in 2023 fell by 8.1%. In value terms, this figure also fell by 22.6% compared to 2022.

At the same time, trade turnover between Russia and Japan in 2023 decreased by 45.3% to 1.43 trillion yen (around $9.6 bln at the current exchange rate), according to TASS calculations based on statistics published by the Japanese Ministry of Finance for 2023.

In December 2023, trade turnover between the two countries fell by 14.4% year-on-year. Imports from Russia to Japan fell by 47.2% in 2023, totaling 1.04 trillion yen ($7.02 bln). Exports from Japan to Russia fell by 34.5% to 395.5 bln yen ($2.67 bln). In December 2023, these figures fell by 12.3% and 65.6%, respectively.

The key cause for the fall in trade turnover between the two countries was the Japanese side's restrictive measures implemented in light of the situation in Ukraine.

At the same time, last year, Japan considerably expanded its grain imports from Russia, increasing it by 381.8%. Exports of medical goods and products from Japan to Russia increased by 418.8% year-on-year.

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