Japan's Import Bill Hits Record $76 Billion as Oil Prices Climb

Japan's import bill reached an all time high of 76.39 billion dollars in July as oil prices climbed, up 27.8 percent from July 2025. According to Oilprice, citing Reuters, Japan's crude oil import volumes rose 5.5 percent year on year, but the value of the oil bill surged 87.8 percent, breaking the previous record set in June.

Japan, which sourced about 90 percent of its crude from West Asia before the US-Israel war with Iran began at the end of February, has since moved urgently to diversify, buying oil from Nigeria, Angola, South Sudan, Azerbaijan, the United States and Canada. Analysts said persistently high oil prices, amid mutual threats between Tehran and Washington, have deepened inflation fears in Japan.