Japanese Car Exports Top ¥10 Trillion for 1st Time in FY2005

23 May 2006

Nikkei. The value of Japan’s automobile exports rose 12.9% in fiscal 2005 to hit ¥10.5 trillion (US$94 billion), cresting the ¥10-trillion mark for the first time, according to Japanese government trade statistics.

Demand for Japanese cars boasting high fuel efficiency grew not only in the US but also in Russia and other emerging economies on the back of soaring crude oil prices.

Exports had plummeted to below ¥5 trillion in fiscal 1995, compared with a high of ¥ 8.2 trillion 10 years earlier.

The volume of car exports rose to 5.25 million vehicles in fiscal 2005, exceeding 5 million for the first time in 12 years, according to data compiled by the Japan Automobile Manufacturers Association. As a result, exports accounted for 48.3% of total domestic output, compared with 35.9% in fiscal 1995.

Shipments overseas are expected to continue rising this fiscal year and thereafter. Toyota plans to increase exports by about 18% to 1.18 million units in fiscal 2006, while Honda projects a 12% increase to 630,000 vehicles.