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- Results of Quarterly Survey of Overseas Subsidiaries Compiled (October-December 2023)
Results of Quarterly Survey of Overseas Subsidiaries Compiled (October-December 2023)
Subsidiaries' sales increased by 2.8%, showing growth for the first time in two quarters, and sales in North America increased by 13.0%, showing growth for six consecutive quarters
March 27, 2024
The Ministry of Economy, Trade and Industry (METI) surveys Japanese companies' overseas subsidiaries in the manufacturing industry on their business activities abroad. It does so in order to ascertain the international development and overseas business conditions of Japanese companies, and it publishes them quarterly. METI has now compiled the survey results for the period of October to December 2023.
The total sales of overseas subsidiaries of Japanese companies from October to December 2023 (in US dollar values) increased by 2.8% year-on-year, an increase for the first time in two quarters. While a decrease in sales was seen in Asia for five consecutive quarters, an increase was seen in North America for six consecutive quarters.
1. Summary of the results
(1) Sales
Overseas subsidiaries’ total sales in all regions increased by 2.8% year-on-year, an increase for the first time in two quarters. Sales of electrical machinery and general-purpose machinery decreased, while those of transport equipment increased.
Looking at the sales of overseas subsidiaries by region (North America, Asia, and Europe), those in Asia—the region with the highest composition ratio of overseas subsidiaries, at 48.3%—decreased by 6.2% year-on-year, representing a fifth consecutive quarter of decrease, due to a decrease in transport equipment in China and the ASEAN 10 economies. Sales in North America (composition ratio: 31.0%) improved by 13.0% year-on-year, which marks six consecutive quarters of increase, due to an increase in transport equipment, while sales in Europe (composition ratio: 11.3%) also improved by 10.3% year-on-year, marking four consecutive quarters of increases.
(2) Capital investment amount
The total capital investment in all regions declined by 13.2% year-on-year, marking three consecutive quarters of decrease. Capital investment in all four major industries (chemicals, general-purpose machinery, electrical machinery, and transport equipment), mainly in transport equipment as the major industry, decreased.
Looking at each region, capital investment in Asia (composition ratio: 50.2%) decreased by 15.9% year-on-year, a third consecutive quarter of decrease. In North America (composition ratio: 29.3%), it decreased by 26.7% year-on-year, marking four consecutive quarters of decrease. In Europe (composition ratio:12.1%), it improved by 14.8% year-on-year, for three consecutive quarters of increase.
(3) Number of employees
The total number of employees in overseas subsidiaries in all regions declined by 2.2% year-on-year, marking five consecutive quarters of decrease. The number of employees in transport equipment improved, while that in electrical machinery and general-purpose machinery declined.
Looking at each region, the number of employees in Asia (composition ratio: 66.2%) decreased by 4.1% year-on-year, marking five consecutive quarters of decrease. The number of employees in North America (composition ratio: 14.7%) increased by 0.1% year-on-year, representing 8 consecutive quarters of increase, while that in Europe (composition ratio: 10.0%) increased by 1.6% year-on-year, which represents an increase for the first time in two quarters.
2. Website information
Division in Charge
Structural and Enterprise Statistics Office, Research and Statistics Department, Minister’s Secretariat