Japan's trade deficit widened sharply to JPY 634.5 billion in July 2026 from JPY 156.3 billion in the same month a year earlier, but was below market forecasts of JPY 680 billion. It was the third straight month of deficit and the largest since January as imports grew faster than exports. Imports surged 27.8% yoy to a new record JPY 12,146.3 billion, accelerating from June's 25.4% rise, beating estimates of 26.5%, and posting the strongest growth since November 2022. The sharp rise reflected solid domestic demand, boosted by the government's late-2025 stimulus. Crude oil imports jumped 87.8% as Japan diversified energy buying away from the Strait of Hormuz amid ongoing tensions. Exports rose 23.2% to a fresh high of JPY 11,511.8 billion, the strongest gain since October 2022, topping consensus of 19.9%. Outbound shipments grew for the 11th month, lifted by a weaker yen and robust demand for AI-related chips, despite risks from supply chain disruptions due to the Middle East conflict. source: Ministry of Finance, Japan

Japan recorded a trade deficit of 634.50 JPY Billion in July of 2026. Balance of Trade in Japan averaged 260.06 JPY Billion from 1963 until 2026, reaching an all time high of 1608.68 JPY Billion in September of 2007 and a record low of -3538.86 JPY Billion in January of 2023. This page provides - Japan Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

Japan recorded a trade deficit of 634.50 JPY Billion in July of 2026. Balance of Trade in Japan is expected to be -250.00 JPY Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Balance of Trade is projected to trend around -400.00 JPY Billion in 2027 and 600.00 JPY Billion in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-21 11:50 PM
Balance of Trade
Jun ¥-406.9B ¥-391.8B ¥-120B ¥ -200.0B
2026-08-19 11:50 PM
Balance of Trade
Jul ¥-634.5B ¥-409.9B ¥-680B ¥-500.0B
2026-09-15 11:50 PM
Balance of Trade
Aug ¥-634.5B



Components Last Previous Unit Reference
Exports YoY 23.20 19.30 percent Jul 2026
Imports YoY 27.80 25.40 percent Jul 2026

Related Last Previous Unit Reference
Balance of Trade -634.50 -409.90 JPY Billion Jul 2026
Capital Flows 5028.00 50710.00 JPY Hundred Million Jun 2026
Current Account -92.30 3968.30 JPY Billion Jun 2026
Exports 11511.80 10926.54 JPY Billion Jul 2026
External Debt 761469.80 728706.20 JPY Billion Mar 2026
Net Foreign Direct Investment 15696.00 32343.00 JPY Hundred Million Jun 2026
Imports 12146.30 11336.46 JPY Billion Jul 2026


Japan Balance of Trade
Japan’s trade balance has fluctuated in recent years partly because of disruptions to production and other problems related to the coronavirus pandemic. In 2022, the country recorded persistent monthly trade deficits as imports surged more than exports. On one hand, the weak yen has helped to drive exports to record highs but on the other, it had made the cost of imported products especially food and energy commodities very expensive. The biggest trade deficits were reported with Australia, China, and Middle East countries while the biggest trade surpluses were recorded with the United States, Hong Kong, South Korea, and Singapore.
Actual Previous Highest Lowest Dates Unit Frequency
-634.50 -409.90 1608.68 -3538.86 1963 - 2026 JPY Billion Monthly
Current Prices, NSA

News Stream
Japan Trade Gap Widens Sharply
Japan's trade deficit widened sharply to JPY 634.5 billion in July 2026 from JPY 156.3 billion in the same month a year earlier, but was below market forecasts of JPY 680 billion. It was the third straight month of deficit and the largest since January as imports grew faster than exports. Imports surged 27.8% yoy to a new record JPY 12,146.3 billion, accelerating from June's 25.4% rise, beating estimates of 26.5%, and posting the strongest growth since November 2022. The sharp rise reflected solid domestic demand, boosted by the government's late-2025 stimulus. Crude oil imports jumped 87.8% as Japan diversified energy buying away from the Strait of Hormuz amid ongoing tensions. Exports rose 23.2% to a fresh high of JPY 11,511.8 billion, the strongest gain since October 2022, topping consensus of 19.9%. Outbound shipments grew for the 11th month, lifted by a weaker yen and robust demand for AI-related chips, despite risks from supply chain disruptions due to the Middle East conflict.
2026-08-20
Japan Posts Wider-than-Expected Trade Deficit
Japan's trade balance swung to a deficit of JPY 406.9 billion in June 2026 from a surplus of JPY 122.3 billion in the same month a year earlier, far exceeding market expectations for a JPY 120 billion shortfall. It was the second straight monthly trade gap, with imports outpacing exports. Imports surged 25.4% yoy to a record JPY 11,335.9 billion, accelerating from May's 12.5% rise, beating forecasts of 21.0%, and posting the strongest rise since November 2022. The sharp rise reflected solid domestic demand, boosted by the government's late-2025 stimulus measures. Crude oil imports jumped 59.3% as Japan diversified energy procurement away from the Strait of Hormuz amid ongoing tensions. Exports climbed 19.3% to a three-month high of JPY 10,929.0 billion, the strongest gain since November 2022, topping consensus of 18.6%. Export growth stayed resilient for a tenth month, lifted by a weaker yen and robust demand for AI-related chips despite supply chain disruptions from the Iran conflict.
2026-07-22
Japan Trade Gap Narrows Sharply
Japan’s trade deficit narrowed sharply to JPY 378.7 billion in May 2026 from JPY 662.5 billion a year earlier, well below market expectations of JPY 564.6 billion, as exports outpaced imports. Exports rose 17% year-on-year to JPY 9,511.5 billion, accelerating from 14.8% in April while marking the strongest increase since November 2022 and exceeding forecasts of 16.2%. It was also the ninth straight month of sales increase, driven by resilient global demand for semiconductors despite Middle East tensions disrupting supply chains. Meanwhile, imports grew 12.5% to JPY 9,890.2 billion, up from April’s 9.8% gain but slightly below expectations of 12.8%. It pointed to the fourth straight month of import growth and the fastest pace since January 2025, driven by solid domestic demand following the government's late-2025 stimulus measures. Import growth remained robust despite a sharp decline in crude oil shipments following the closure of the Strait of Hormuz.
2026-06-17