Wakayama | The Observatory of Economic Complexity

Wakayama

Prefecture in Kansai Region of Japan

2023
Economic
Complexity 0.48Rank 20 of 41

Jan 2024
Trade
Exports | Imports ¥ 28.1B | ¥ 6.75B17 of 41 | 35 of 41

Jan 2024
Country
Destination | Origin Norway | Australia ¥ 5.3B | ¥ 1.58B

Image 1

Image by Manish Prabhune
Link: https://flic.kr/p/dR71DZ

Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Wakayama. In January 2024 Wakayama was the number 16 in total exports and the number 22 in total imports in Japan.

Exports In 2023, Japan's Wakayama exported ¥ 560B, making it the 16th largest exporter out of the 41 exporters in Japan. In 2023 the top exports of Wakayama were Light petroleum distillates nes (¥ 155B), Steel, stainless: seamless, casing and tubing,... (¥ 114B), Seamless Pipes: For Oil or Gas... (¥ 93.3B), Petroleum spirit for motor vehicles (¥ 34.8B), and Flat knitting machines, stitch-bonding machines (¥ 20.6B).

Imports In 2023, Japan's Wakayama imported ¥ 614B, making it the 22nd largest importer out of the 41 importers in Japan. In 2023 top imports of Wakayama were Petroleum oils, oils from bituminous minerals,... (¥ 240B), Petroleum spirit for motor vehicles (¥ 24B), Iron ore, concentrate, not iron pyrites,unagglomerate (¥ 22.5B), Wood in chips, non-coniferous (¥ 11B), and Ferro-chromium, >4% carbon (¥ 10.3B).

Economic Complexity In 2023, the highest complexity exports of Wakayama according to the product complexity index (PCI) are Photographic Chemicals (2.17), Phenols (1.47), Iron Pipe Fittings (1.21), Aldehydes (1.14), Other Paper Machinery (1.12), Textile Processing Machines (1.08), Book-binding Machines (1.03), Nickel Pipes (0.96), Knitting Machines (0.96), and Other Iron Products (0.87). 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 Wakayama exported ¥28.1B and imported ¥6.75B, resulting in a positive trade balance of ¥21.4B. Between January 2023 and January 2024 the exports of Wakayama have decreased by $-23.9B (-46%) from ¥52.1B to ¥28.1B, while imports decreased by ¥-18B (-72.7%) from ¥24.7B to ¥6.75B.

Trade In January 2024, the top exports of Wakayama were Iron Pipes (¥22.5B), Semi-Finished Iron (¥1.93B), Knitting Machines (¥888M), Refined Petroleum (¥665M), and Cleaning Products (¥297M). In January 2024 the top imports of Wakayama were Iron Ore (¥2.7B), Fuel Wood (¥1.57B), Other Organic Compounds (¥470M), Iron Structures (¥328M), and Salt (¥297M).

Destinations In January 2024, Wakayama exported mostly to Norway (¥5.3B), United States (¥3.37B), Brazil (¥3.27B), Qatar (¥2.76B), and United Kingdom (¥1.85B), and imported mostly from Australia (¥1.58B), Brazil (¥1.41B), Chile (¥1.03B), Vietnam (¥568M), and Philippines (¥475M).

Growth In January 2024, the decrease in Wakayama's year-by-year exports was explained primarily by an decrease in exports to South Korea (¥-3.57B or -47.3%), Taiwan (¥-2.31B or -88%), and Algeria (¥-844M or -52%), and product exports decrease in Other Iron Products (¥-834M or -51.4%), Cyclic Hydrocarbons (¥-303M or -18.4%), and Polishes and Creams (¥-146M or -76.5%). In January 2024, the decrease in Wakayama's year-by-year imports was explained primarily by an decrease in imports from United Arab Emirates (¥-4.51B or -25.7%), Indonesia (¥-1.36B or -83.3%), and Kazakhstan (¥-188M or -27%), and product imports decrease in Crude Petroleum (¥-7.44B or -30.1%), Refined Petroleum (¥-3.11B or -86.8%), and Iron Ore (¥-869M or -29.5%).

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)¥-23.9B(-46%)

IMPORT GROWTH (January 2023 - January 2024)¥-18B(-72.7%)

This section shows exports and imports data at subnational level for Wakayama. 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 Wakayama over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Singapore¥ 63.9B

Top Product (2023)Light petroleum distillates nes¥ 155B

In 2023 the top export destinations of Wakayama were Singapore (¥ 63.9B), United States (¥ 61B), China (¥ 50.7B), South Korea (¥ 41.6B), and Oman (¥ 26.3B).

In 2023 the top exports of Wakayama were Light petroleum distillates nes (¥ 155B), Steel, stainless: seamless, casing and tubing,... (¥ 114B), Seamless Pipes: For Oil or Gas... (¥ 93.3B), Petroleum spirit for motor vehicles (¥ 34.8B), and Flat knitting machines, stitch-bonding machines (¥ 20.6B).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

Norway ¥ 3.37B (175%)

Brazil ¥ 2.97B (1.02k%)

Malaysia ¥ 612M (288%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

Singapore ¥ -6.43B (-87.4%)

Philippines ¥ -4.6B (-99.9%)

Bangladesh ¥ -3.84B (-96.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)United Arab Emirates¥ 166B

Top Import (2023)Petroleum oils, oils from bituminous minerals,...¥ 240B

In 2023 the top import origins of Wakayama were United Arab Emirates (¥ 166B), Saudi Arabia (¥ 61.7B), Australia (¥ 17.4B), United States (¥ 17.1B), and South Korea (¥ 14.6B).

In 2023 the top imports of Wakayama were Petroleum oils, oils from bituminous minerals,... (¥ 240B), Petroleum spirit for motor vehicles (¥ 24B), Iron ore, concentrate, not iron pyrites,unagglomerate (¥ 22.5B), Wood in chips, non-coniferous (¥ 11B), and Ferro-chromium, >4% carbon (¥ 10.3B).

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Economic Complexity

Economic Complexity of Wakayama

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Geomap

Treemap

Economic Complexity (2023)0.48

Wakayama ranks 20th 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. Wakayama it is in position 20th 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 Wakayama already has a comparative advantage, are led by Epoxides (0.045), Photo Lab Equipment (0.045), Cellulose (0.043), Acrylic Polymers (0.042), and Saturated Acyclic Monocarboxylic Acids (0.041).

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Most Complex Products by PCI

The highest complexity exports of Wakayama according to the product complexity index (PCI) are Photographic Chemicals (2.17), Phenols (1.47), Iron Pipe Fittings (1.21), Aldehydes (1.14), Other Paper Machinery (1.12), Textile Processing Machines (1.08), Book-binding Machines (1.03), Nickel Pipes (0.96), Knitting Machines (0.96), and Other Iron Products (0.87). 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 Iron Pipes (391.38), Knitting Machines (327.42), Nickel Pipes (160.44), Book-binding Machines (36.21), and Polishes and Creams (22.63).

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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 Wakayama 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 Wakayama. These are products that tend to be co-exported with the products that Wakayama 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.