According to the Japan Iron and Steel Federation, in the 2007-2008 financial year Japan's steel exports increased by 7.1 percent to a historical high of 38.44 million mt.
Japan was able to increase its exports during the period in question due to rising demand for steel from developing countries.
In the 2007-2008 financial year, South Korea remained the most important foreign user of Japanese steel, increasing its imports from the county by 13.7 percent. Meanwhile, Japan's steel deliveries to Thailand, Taiwan and China grew by 13.3 percent, three percent and 1.9 percent respectively. On the other hand, exports of Japanese steel to the US declined by 17.7 percent.
Meanwhile, the Japanese domestic market saw a reduction in steel consumption, especially from the construction sector.