Japan Trade Surplus Widens But Misses Estimates

2026-04-22 00:10 By Farida Husna 1 min. read

Japan’s trade surplus increased to JPY 667.0 billion in March 2026 from JPY 529.8 billion in the same month a year earlier, marking a second straight month in surplus as export growth outpaced imports.

However, the latest figure fell short of market expectations for a JPY 1,106 billion gain.

Exports rose 11.7% yoy to a record high of JPY 11,003.3 billion, beating forecasts of 11% and accelerating from February’s 4.0% gain.

Growth was supported by strong demand from China, the EU, and ASEAN countries, alongside a modest rebound in shipments to the U.S.

Meantime, imports rose10.9% to JPY 10,336.3 billion, surpassing forecasts of 7.1% and quickening from 10.3% in February.

This was the fastest import growth since January 2025, on solid domestic demand after Tokyo’s sizeable stimulus rollout in late 2025.

Looking ahead, Japan’s trade outlook remains uncertain amid the fallout from the Middle East conflict, as many shipments in March had already left the region before the escalation began.



News Stream
Japan Trade Surplus Widens But Misses Estimates
Japan’s trade surplus increased to JPY 667.0 billion in March 2026 from JPY 529.8 billion in the same month a year earlier, marking a second straight month in surplus as export growth outpaced imports. However, the latest figure fell short of market expectations for a JPY 1,106 billion gain. Exports rose 11.7% yoy to a record high of JPY 11,003.3 billion, beating forecasts of 11% and accelerating from February’s 4.0% gain. Growth was supported by strong demand from China, the EU, and ASEAN countries, alongside a modest rebound in shipments to the U.S. Meantime, imports rose10.9% to JPY 10,336.3 billion, surpassing forecasts of 7.1% and quickening from 10.3% in February. This was the fastest import growth since January 2025, on solid domestic demand after Tokyo’s sizeable stimulus rollout in late 2025. Looking ahead, Japan’s trade outlook remains uncertain amid the fallout from the Middle East conflict, as many shipments in March had already left the region before the escalation began.
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