Ibaraki | The Observatory of Economic Complexity

Ibaraki

Prefecture in Kantō Region of Japan

2023
Economic
Complexity 0.46Rank 21 of 41

Jan 2024
Trade
Exports | Imports ¥ 180B | ¥ 190B10 of 41 | 10 of 41

Jan 2024
Country
Destination | Origin United States | United Arab Emirates ¥ 60.1B | ¥ 42B

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Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Ibaraki. In January 2024 Ibaraki was the number 11 in total exports and the number 10 in total imports in Japan.

Exports In 2023, Japan's Ibaraki exported ¥ 1.95T, making it the 11th largest exporter out of the 41 exporters in Japan. In 2023 the top exports of Ibaraki were Medium Sized Cars (¥ 843B), Electric motor Vehicles (¥ 218B), Shovels and excavators with revolving superstructure (¥ 188B), Dump trucks (off-highway) (¥ 152B), and Iron/Steel Sheets: Thin, Hot-Rolled, Wide Coils (¥ 132B).

Imports In 2023, Japan's Ibaraki imported ¥ 2.53T, making it the 10th largest importer out of the 41 importers in Japan. In 2023 top imports of Ibaraki were Petroleum oils, oils from bituminous minerals,... (¥ 559B), Bituminous coal, not agglomerated (¥ 493B), Petroleum spirit for motor vehicles (¥ 174B), Iron ore, concentrate, not iron pyrites,unagglomerate (¥ 170B), and Natural gas, liquefied (¥ 143B).

Economic Complexity In 2023, the highest complexity exports of Ibaraki according to the product complexity index (PCI) are Disc Chemicals for Electronics (2.04), Lubricating Products (1.68), Epoxides (1.67), Phenols (1.47), Flat Flat-Rolled Steel (1.44), Other Nitrogen Compounds (1.38), Petroleum Resins (1.24), Aldehydes (1.14), Halogenated Hydrocarbons (1.08), and Steel Wire (1.07). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

January, 2024

About

Overview In January 2024 Ibaraki exported ¥180B and imported ¥190B, resulting in a negative trade balance of ¥10.2B. Between January 2023 and January 2024 the exports of Ibaraki have increased by $12.4B (7.37%) from ¥168B to ¥180B, while imports decreased by ¥-48.1B (-20.2%) from ¥238B to ¥190B.

Trade In January 2024, the top exports of Ibaraki were Cars (¥75B), Hot-Rolled Iron (¥20.2B), Large Construction Vehicles (¥16.8B), Refined Petroleum (¥8.12B), and Delivery Trucks (¥8.11B). In January 2024 the top imports of Ibaraki were Crude Petroleum (¥41.2B), Refined Petroleum (¥32.1B), Cars (¥30B), Coal Briquettes (¥23B), and Iron Ore (¥18.1B).

Destinations In January 2024, Ibaraki exported mostly to United States (¥60.1B), United Kingdom (¥13.2B), China (¥11.1B), India (¥9.15B), and Australia (¥9.1B), and imported mostly from United Arab Emirates (¥42B), Australia (¥36.1B), United States (¥19.7B), Saudi Arabia (¥13.1B), and Indonesia (¥12.4B).

Growth In January 2024, the increase in Ibaraki's year-by-year exports was explained primarily by an increase in exports to United States (¥8.9B or 16.4%), United Kingdom (¥6.66B or 724%), and India (¥4.76B or 101%), and product exports increase in Cars (¥14.5B or 31%), Large Construction Vehicles (¥9.99B or 92.1%), and Refined Petroleum (¥5.21B or 171%). In January 2024, the decrease in Ibaraki's year-by-year imports was explained primarily by an decrease in imports from Kuwait (¥-6.78B or -54.1%), United Arab Emirates (¥-3.66B or -87%), and Russia (¥-2.85B or -73.4%), and product imports decrease in Iron Ore (¥-2.75B or -14.5%), Coke (¥-2.15B or -94.8%), and Soybeans (¥-1.26B or -90.7%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (January 2023 - January 2024)¥12.4B(7.37%)

IMPORT GROWTH (January 2023 - January 2024)¥-48.1B(-20.2%)

This section shows exports and imports data at subnational level for Ibaraki. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Ibaraki over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)United States¥ 1.01T

Top Product (2023)Medium Sized Cars¥ 843B

In 2023 the top export destinations of Ibaraki were United States (¥ 1.01T), Australia (¥ 129B), China (¥ 127B), South Korea (¥ 105B), and Indonesia (¥ 100B).

In 2023 the top exports of Ibaraki were Medium Sized Cars (¥ 843B), Electric motor Vehicles (¥ 218B), Shovels and excavators with revolving superstructure (¥ 188B), Dump trucks (off-highway) (¥ 152B), and Iron/Steel Sheets: Thin, Hot-Rolled, Wide Coils (¥ 132B).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

United Kingdom ¥ 5.61B (74%)

Spain ¥ 2.77B (204%)

Singapore ¥ 2.56B (86.6%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

Italy ¥ -3.66B (-78.1%)

United States ¥ -3.22B (-5.09%)

Indonesia ¥ -2.81B (-32%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Australia¥ 541B

Top Import (2023)Petroleum oils, oils from bituminous minerals,...¥ 559B

In 2023 the top import origins of Ibaraki were Australia (¥ 541B), United Arab Emirates (¥ 320B), United States (¥ 312B), Saudi Arabia (¥ 218B), and Brazil (¥ 151B).

In 2023 the top imports of Ibaraki were Petroleum oils, oils from bituminous minerals,... (¥ 559B), Bituminous coal, not agglomerated (¥ 493B), Petroleum spirit for motor vehicles (¥ 174B), Iron ore, concentrate, not iron pyrites,unagglomerate (¥ 170B), and Natural gas, liquefied (¥ 143B).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jan 2023 - Jan 2024)

United Arab Emirates ¥ 41.4B (7.61k%)

Indonesia ¥ 4.06B (48.9%)

India ¥ 3.2B (807%)

Rapidly Declining Import Origins (Jan 2023 - Jan 2024)

Saudi Arabia ¥ -33.1B (-71.7%)

Australia ¥ -30.8B (-46%)

Germany ¥ -6.58B (-38.1%)

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Economic Complexity

Economic Complexity of Ibaraki

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Geomap

Treemap

Economic Complexity (2023)0.46

Ibaraki ranks 21st out of the 41 prefectures in Japan according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Economic Complexity Ranking

Value

Ranking

Value

The economic complexity of a territory can change year to year. Ibaraki it is in position 21st considering its ECI in the last year.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Ibaraki already has a comparative advantage, are led by Acrylic Polymers (0.074), Cellulose (0.074), Ethers (0.073), Acyclic Hydrocarbons (0.073), and Silicone (0.072).

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Most Complex Products by PCI

The highest complexity exports of Ibaraki according to the product complexity index (PCI) are Disc Chemicals for Electronics (2.04), Lubricating Products (1.68), Epoxides (1.67), Phenols (1.47), Flat Flat-Rolled Steel (1.44), Other Nitrogen Compounds (1.38), Petroleum Resins (1.24), Aldehydes (1.14), Halogenated Hydrocarbons (1.08), and Steel Wire (1.07). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Steam Turbines (39.56), Large Construction Vehicles (38.75), Vehicle Bodies (including cabs) for the... (35.63), Hot-Rolled Iron (29.71), and Sodium or Potassium Peroxides (19.25).

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Product Space

RCA Filter

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Ibaraki is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of Ibaraki. These are products that tend to be co-exported with the products that Ibaraki exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

Depth

Section

HS2

HS4

Filter

All

RCA≤1

RCA>1

The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.