Japan is one of the most significant trading partners for the US. And $280 billion worth of products & services were exchanged between the United States and Japan in 2021.
Between 2020 and 2021, almost $75 billion in goods and $38 billion in services were exported by US companies to Japan. That is an astonishing increase of 9.5%!
Are you curious about what exactly the US exported to Japan? Good. Because me and my team EPIC were also curious! And we did a bit of digging around for you. Our findings might sound obvious to some, but for some it might spell out opportunities and to increase global market share.
Let’s get started without further ado!
After China and the United States, Japan has the third-largest economy on the planet.
Which industries in Japan are highly profitable?
According to International Trade Administration, the following sectors really did tons of exporting to Japan:
- Natural gas liquids
- Pharmaceutical products
- Livestock and poultry
- Industrial machines
- Medical equipment
- Civilian aircraft
- Engines and parts
Why are these sectors succeeding in Japan?
During this research, it got us thinking about why and how these sectors are succeeding in Japan? So our digging deeper for answers continued! And this is what we found out:
- After China and the United States, Japan has the third-largest economy on the planet. As such, it needs tons of goods and services from other countries. Hence, it is the 4th largest importer of US goods, right after China, Canada, and Mexico.
- Japan does a pretty decent job of upholding rule of law because it offers robust protection for intellectual property (IP) rights.
- The average per capita income was around $43,000 in 2021. That means the consumer economy in Japan was and is sizable, diverse, and sophisticated.
- You might be surprised to know that Japan is the largest consumer of food items on the globe. And the US is its top supplier for agriculture and agricultural equipment/technology.
What sectors are affected by Japan’s aging population?
As unfortunate as it might sound, Japanese society and economy are being affected by its fast aging and dwindling population. This in turn is influencing demand in fields as diverse as natural gas liquids, pharmaceutical products, livestock and poultry, industrial machines, medical equipment, civilian aircraft, engines and parts, and corn.
But let’s put that aside for a minute and focus on the opportunities for the US companies.
What are some of the most exciting opportunities in Japan?
It is safe to say that most exciting opportunities exist in cutting-edge industries such as space, defense, and security thanks to our strategic partnership and close economic relations.
Defense contracting, sophisticated manufacturing, and cyber security solutions are also growing industries with a lot of upside.
Why are there so many opportunities for US companies?
You might be wondering, “that’s all fine and dandy, but what exactly is it that is influencing so many opportunities for US companies”? Well, wonder no more. We haven’t stopped digging deeper yet. So this is what we found:
- Japan has an aging population and a declining labor force, which raises demand for a wide range of goods and services, including medicines, medical technologies, robotics, advanced manufacturing, travel, and financial services;
- Japan has a sizable, well-educated, and sophisticated consumer economy where customers with a very good spending power look for creative, high-quality products and services that set trends.
Can I keep my content in English when I sell in Japan?
Can you imagine products and services being sold in the USA in Japanese? Similarly, you must adapt to Japanese society and culture when doing business in Japan. As such, your content should be translated and/or localized into Japanese. The English to Japanese translation service from EPIC Translations is not only one of the best in the world, but it’s also very affordable.
Can I use Google Translate for translating my content?
Have you ever read weird sounding English instructions when putting together something you purchased in the USA? Did you find it useful? Did you make fun of it? And that didn’t do any harm because, at the end of the day, they were just user instructions and the manufacturer might not have taken it seriously. But when you’re selling to other businesses, participating in trade shows, or industry associations, then please know that translating with a free translation service is not a recommended option. Your competitors will laugh at you. Your business partners will not take you seriously. And worst, you could end up losing millions of dollars (pharma, industrial machine tools, medical devices, semiconductors, and more) by trying to save a few hundred or thousand dollars on professionally translating your content from English to Japanese.
What content should my company translate from English to Japanese?
If you want to succeed in Japan then you should consider translating the following types of content into Japanese if it’s in English. The alternate option is to have it written in Japanese originally:
- Legal agreements
- Website copy
- Product manuals
- User guides
- Marketing collateral
How can I sell more of my products & services in Japan?
It might bring a smile to your face knowing that we didn’t stop at finding what products and services sell in Japan. We continued to find answers on how more products and services can be sold in Japan!
With that being said, we found that the following techniques and tactics will work best to sell more in Japan:
- Industry Associations
- Trade Shows
- Digital Advertising
- Agent / Distributor
- Direct Marketing
- Joint Ventures
Start Your Journey with EPIC Translations
EPIC Translations will take care of your English to Japanese translation needs while you concentrate on growing your global market share.
Our English to Japanese translation services enable you to reduce translation costs while maintaining accurate multilingual communications with your Japanese stakeholders.
Simply put, EPIC Translations exists to support your document translation needs whether you need to translate product manuals, company newsletters, apps / website copy, or legal agreements.
Need a quote for your next English to Japanese translation project? Want to discuss your project details to see how we can help you communicate effectively in multiple languages? Fill out the form below and we’ll be in touch shortly. Or give us a call at (888) 214-2053.