Saudi Arabia was Japan's largest trading partner among the GCC countries and the top supplier of crude oils to Japan in 2011. Saudi-Japan trade surged 34.7 percent to $57.07 billion in 2011, mainly due to the increase in the price of mineral fuels and partly due to the increased exports of general machinery, iron and steel products, rubber and plastic goods. Export of passenger motorcars suffered a decline with the value sliding 17.45 percent to $2.79 billion in 2011, compared to $3.38 billion in 2010. However, there had been considerable increases in the export of trucks, tractors and motorcycles. General machinery, especially of air and water pumps, gas turbines, derricks, cranes etc. posted major increases in exports. Export of iron & steel materials and iron and steel products rose 26.82 percent to $858.99 million from $677.34 million in 2010. Other than passenger motorcars, some of the items that saw decline in exports were clocks and watches, prepared meat and fish, furniture and beddings. Japan imported 431.4 million barrels of crude oils from Saudi Arabia in 2011, 5.5 percent higher in volume than the volume of import in 2010. The average price of Saudi crude oil rose by nearly 37 percent to $108.84 per barrel in 2011, compared to $79.45 per barrel in 2010. With regards to gas imports, volume of imports declined 7.31 percent, but the value increased 12.26 percent, due to a 21.12 percent increase in its average price. Japan imported 1.91 million tons of gaseous hydrocarbons from Saudi Arabia in 2011, at an average price of $887.20 per ton. J apan's import of organic chemicals, mainly acyclic alcohols and their halogens, rose by more than 40 percent to $445.16m from $317.95m in 2010. Other major imports from Saudi Arabia that registered increases were plastics (+80.3 percent to $142.1 million) and copper articles (+44.09 percent to $114.66 million). The value of two-way trade between Japan and the GCC countries grew 32.5 percent in 2011 to $162.2 billion, compared to $122.4 billion in 2010. This growth was attributed to an increase in the price as well as the volume of mineral fuels that Japan imported from the GCC countries during the year. While Japan's imports from the GCC countries surged 39.4 percent to $142.6 billion in 2011, her exports to the GCC registered a decline of 2.2 percent to $19.6 billion from $20.1 billion in 2010. Japan's trade deficit with the six-nation bloc of the GGC countries thus increased by 49.5 percent to $122.9 billion in 2011, compared to $82.3 billion in 2010. The highest deficit recorded was $145.3 billion in 2008.
