Japan's oil imports from Middle East hit record low

Japan’s crude oil imports from the Middle East plunged by more than 67 percent in April compared with the same period last year, marking the lowest monthly level on record, government data released on Thursday showed amid severe supply disruptions linked to the effective closure of the Strait of Hormuz, News.Az reports, citing Kyodo.

Japan, which traditionally depends on the Middle East for more than 90 percent of its crude oil imports, brought in just 3.84 million kiloliters of oil from the region during April.

According to preliminary trade statistics from the Finance Ministry, this was the lowest import volume recorded since comparable data collection began in 1979.

Despite the sharp decline in Middle Eastern oil imports, Japan posted a trade surplus of 301.9 billion yen ($1.9 billion) in April, extending its streak of monthly surpluses to three months. The positive trade balance was supported by solid export performance, particularly strong demand across Asia for semiconductors and other electronic products.

Total exports climbed 14.8 percent year-on-year to 10.51 trillion yen, while imports rose 9.7 percent to 10.21 trillion yen. The increase in imports was partly driven by higher purchases of petroleum products from South Korea.

Following the escalation of conflict in the Middle East, Japan has stepped up efforts to diversify its energy supplies by increasing fuel procurement from alternative markets, including the United States.

The value of Japanese oil imports from the United States surged 118.2 percent compared with a year earlier, reflecting Tokyo’s push to reduce dependence on the Middle East amid ongoing regional instability.

Although Japan’s overall exports recorded strong growth, shipments to the Middle East dropped sharply by 55.5 percent to 139.49 billion yen. The decline was largely attributed to a steep 90.4 percent fall in passenger car exports to the region.

News.Az 

By Nijat Babayev