Okayama | The Observatory of Economic Complexity

Okayama

Prefecture in Chūgoku Region of Japan

2023
Economic
Complexity 0.34Rank 25 of 41

Oct 2024
Trade
Exports | Imports ¥ 105B | ¥ 208B12 of 41 | 8 of 41

Oct 2024
Country
Destination | Origin China | Saudi Arabia ¥ 32.9B | ¥ 37.9B

Image 1

Image by Ankur P
Link: https://flic.kr/p/WvLMiJ

Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Okayama. In October 2024 Okayama was the number 12 in total exports and the number 8 in total imports in Japan.

Exports In 2023, Japan's Okayama exported ¥ 1.34T, making it the 12th largest exporter out of the 41 exporters in Japan. In 2023 the top exports of Okayama were Light petroleum distillates nes (¥ 168B), Unwrought Copper Cathodes & Sections (¥ 140B), Medium Sized Cars (¥ 90.7B), P-xylene (¥ 72.5B), and Semi-finished bars, iron or non-alloy steel... (¥ 62.8B).

Imports In 2023, Japan's Okayama imported ¥ 3.16T, making it the 8th largest importer out of the 41 importers in Japan. In 2023 top imports of Okayama were Crude Petroleum Oils (¥ 756B), Copper ores and concentrates (¥ 601B), Bituminous coal, not agglomerated (¥ 222B), Unagglomerated Iron Ore Concentrate (Excl. Iron... (¥ 175B), and Petroleum spirit for motor vehicles (¥ 110B).

Economic Complexity In 2023, the highest complexity exports of Okayama according to the product complexity index (PCI) are Lubricating Products (1.68), Flat Flat-Rolled Steel (1.44), Ketones and Quinones (1.43), Halides (1.43), Organo-Sulfur Compounds (1.41), Flat-Rolled Iron (1.28), Combustion Engines (1.27), Petroleum Resins (1.24), Chemically Pure Sugars (1.15), and Aldehydes, cyclic polymers, and paraformaldehyde (1.14). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

October, 2024

About

Overview In October 2024 Okayama exported ¥105B and imported ¥208B, resulting in a negative trade balance of ¥103B. Between October 2023 and October 2024 the exports of Okayama have increased by $24.3B (30%) from ¥81.1B to ¥105B, while imports decreased by ¥-6.85B (-3.18%) from ¥215B to ¥208B.

Trade In October 2024, the top exports of Okayama were Refined Petroleum (¥17.7B), Refined Copper (¥15.7B), Cyclic Hydrocarbons (¥12.3B), Hot-Rolled Iron (¥7.82B), and Flat Flat-Rolled Steel (¥6.63B). In October 2024 the top imports of Okayama were Crude Petroleum (¥51.8B), Copper Ore (¥34B), Precious Metal Scraps (¥22.5B), Iron Ore (¥17.6B), and Coal Briquettes (¥16.9B).

Destinations In October 2024, Okayama exported mostly to China (¥32.9B), South Korea (¥21.5B), Australia (¥6.71B), Singapore (¥6.14B), and Chinese Taipei (¥5.95B), and imported mostly from Saudi Arabia (¥37.9B), Indonesia (¥32.8B), Australia (¥30.2B), United Arab Emirates (¥18B), and United States (¥17.9B).

Growth In October 2024, the increase in Okayama's year-by-year exports was explained primarily by an increase in exports to China (¥9.75B or 42.1%), Singapore (¥5.84B or 1.91k%), and Australia (¥5.23B or 354%), and product exports increase in Refined Petroleum (¥14.6B or 477%), Refined Copper (¥6.52B or 71.1%), and Cyclic Hydrocarbons (¥5.5B or 80.6%). In October 2024, the decrease in Okayama's year-by-year imports was explained primarily by an decrease in imports from Chile (¥-25.7B or -78.8%), Brazil (¥-9.55B or -59.1%), and United Arab Emirates (¥-4.75B or -20.9%), and product imports decrease in Copper Ore (¥-18.6B or -35.4%), Iron Ore (¥-6.38B or -26.6%), and Coal Briquettes (¥-5.95B or -26%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (October 2023 - October 2024)¥24.3B(30%)

IMPORT GROWTH (October 2023 - October 2024)¥-6.85B(-3.18%)

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

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)China¥ 301B

Top Product (2023)Light petroleum distillates nes¥ 168B

In 2023 the top export destinations of Okayama were China (¥ 301B), South Korea (¥ 231B), United States (¥ 90.6B), Chinese Taipei (¥ 74.9B), and Thailand (¥ 68.9B).

In 2023 the top exports of Okayama were Light petroleum distillates nes (¥ 168B), Unwrought Copper Cathodes & Sections (¥ 140B), Medium Sized Cars (¥ 90.7B), P-xylene (¥ 72.5B), and Semi-finished bars, iron or non-alloy steel... (¥ 62.8B).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Oct 2023 - Oct 2024)

China ¥ 9.75B (42.1%)

Singapore ¥ 5.84B (1.91k%)

Australia ¥ 5.23B (354%)

Rapidly Declining Export Origins (Oct 2023 - Oct 2024)

United States ¥ -2.58B (-62.9%)

Mexico ¥ -1.1B (-19%)

Canada ¥ -954M (-63%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Australia¥ 437B

Top Import (2023)Crude Petroleum Oils¥ 756B

In 2023 the top import origins of Okayama were Australia (¥ 437B), Saudi Arabia (¥ 415B), Indonesia (¥ 231B), United States (¥ 228B), and Kuwait (¥ 204B).

In 2023 the top imports of Okayama were Crude Petroleum Oils (¥ 756B), Copper ores and concentrates (¥ 601B), Bituminous coal, not agglomerated (¥ 222B), Unagglomerated Iron Ore Concentrate (Excl. Iron... (¥ 175B), and Petroleum spirit for motor vehicles (¥ 110B).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Oct 2023 - Oct 2024)

Indonesia ¥ 21.6B (193%)

Peru ¥ 6.32B (3.04k%)

South Korea ¥ 4.31B (51.8%)

Rapidly Declining Import Origins (Oct 2023 - Oct 2024)

Chile ¥ -25.7B (-78.8%)

Brazil ¥ -9.55B (-59.1%)

United Arab Emirates ¥ -4.75B (-20.9%)

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Economic Complexity

Economic Complexity of Okayama

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Geomap

Treemap

Economic Complexity (2023)0.34

Okayama ranks 25th 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. Okayama it is in position 25th 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 Okayama already has a comparative advantage, are led by Oxometallic or Peroxometallic Acid Salts (0.1), Ethers (0.092), Acrylic Polymers (0.092), Phenols (0.091), and Halogenated Hydrocarbons (0.089).

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Most Complex Products by PCI

The highest complexity exports of Okayama according to the product complexity index (PCI) are Lubricating Products (1.68), Flat Flat-Rolled Steel (1.44), Ketones and Quinones (1.43), Halides (1.43), Organo-Sulfur Compounds (1.41), Flat-Rolled Iron (1.28), Combustion Engines (1.27), Petroleum Resins (1.24), Chemically Pure Sugars (1.15), and Aldehydes, cyclic polymers, and paraformaldehyde (1.14). 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 Granulated Slag (70.40), Cyclic Alcohols (53.62), Flat Flat-Rolled Steel (48.91), Fluorides (46.58), and Aldehydes, cyclic polymers, and paraformaldehyde (44.52).

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