Japan’s oil imports from the UAE reached 31.07 million barrels in July 2024, representing 49.1 percent of the nation’s total imports, WAM reported citing data from Japan’s Agency for Natural Resources and Energy.
The figures indicate that Japan imported roughly 63.32 million barrels of oil in July, with Arab oil constituting 97.8 percent, or 61.92 million barrels. Previously, the Agency for Natural Resources and Energy reported that in June, Japan’s oil imports from the UAE totaled 25.84 million barrels, which accounted for 41.3 percent of total imports.
In June, Japan imported about 62.54 million barrels of oil, with 96.4 percent (or 60.26 million barrels) sourced from four other Arab nations in addition to the UAE: Saudi Arabia, Kuwait, Qatar, and Oman.
Read more: Non-oil trade between UAE, Japan valued at $3.5 billion in Q1
Japan’s budget requests
General-account budget requests for fiscal 2025 submitted by Japanese government ministries and agencies by Friday’s deadline are anticipated to total around 117 trillion yen, marking a record high for the second consecutive year, as reported by Jiji Press.
This projected amount surpasses the previous record of 114.385 trillion yen requested for fiscal 2024. The increase is attributed to rising interest payments on Japanese government bonds (JGBs) and a significant uptick in defense spending due to heightened security concerns in East Asia. The requests include funding for initiatives aimed at combating inflation, encouraging wage growth, addressing the nation’s declining birthrate, and enhancing defense capabilities.
During a press conference on Friday, Japan’s Finance Minister Shunichi Suzuki indicated that the government plans to conduct a thorough evaluation of the budget requests in order to maintain fiscal discipline and prevent excessive budget expansion.
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