Japan Unexpectedly Posts Trade Surplus

2026-05-21 00:02 By Farida Husna 1 min. read

Japan’s trade balance swung to a surplus of JPY 301.9 billion in April 2026 from a deficit of JPY 149.5 billion in the same month a year earlier, sharply beating market expectations for a shortfall of JPY 29.7 billion.

It was the largest trade surplus since November, as export growth continued to outpace imports.

Exports surged 14.8% year-on-year to a near-record JPY 10,507.3 billion, accelerating from an 11.5% rise in March while marking the strongest growth in three months and exceeding the consensus of 9.3%, supported by robust demand from China, the U.S., ASEAN economies, and the EU.

Meanwhile, imports increased 9.7% to JPY 10,205.4 billion, easing slightly from March’s 10.9% gain but still exceeding market forecasts of 8.3%.

Import demand remained resilient, partly supported by the Japanese government’s sizeable stimulus measures introduced in late 2025.

The latest reading marked the third consecutive month of import growth, although it was the softest pace in the sequence.



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