The forecasted import of iron and steel to Japan for 2024 is expected to stand at 8.1369 billion USD. This value is projected to increase to 8.2072 billion USD in 2025, 8.2762 billion USD in 2026, 8.3438 billion USD in 2027, and 8.41 billion USD by 2028. Compared to the 2023 actual figure of 8.069 billion USD, this represents a year-on-year increase of approximately 0.84% from 2023 to 2024.
The year-on-year variations are as follows: - 2023 to 2024: 0.84% - 2024 to 2025: 0.86% - 2025 to 2026: 0.84% - 2026 to 2027: 0.81% - 2027 to 2028: 0.79%
This yields a compound annual growth rate (CAGR) of approximately 0.83% over the forecasted five-year period from 2024 to 2028.
Future trends to watch for include potential fluctuations in global steel prices, shifts in Japan's domestic production and consumption patterns, and changes in trade policies which may all impact the import levels of iron and steel to Japan.