Japan Export Growth Remains Strong

2026-10-20 23:55 By Chusnul Chotimah 1 min. read

Japan's exports increased 16.7% yoy to JPY 10,972.3 billion in September 2026, below market consensus of 20.1%, but remaining above 15% for a 5th month amid robust demand for AI-related chips, semiconductors, and cars.

Shipments grew to China (8.6%), the U.S.

(22.9%), ASEAN (25.3%), the EU (10.5%), and Taiwan (37.8%), while falling to Hong Kong (-8.0%) and the Middle East (-12.0%).

By category, exports rose across almost all major components.

Electrical machinery surged 30.4%, driven by semiconductor and integrated circuit exports, while machinery rose 18.4%, led by semiconductor-related products.

Transport equipment exports rose 10.8%, supported by motor vehicle shipments.

Other exports grew 9.8%, boosted by scientific and optical instruments.

Manufactured goods climbed 12.7%, led by iron and steel products, while chemicals rose 16.4%.

AI-related demand should continue supporting exports, although a prolonged Middle East conflict could dampen global demand amid elevated energy prices.



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Japan Export Growth Remains Strong
Japan's exports increased 16.7% yoy to JPY 10,972.3 billion in September 2026, below market consensus of 20.1%, but remaining above 15% for a 5th month amid robust demand for AI-related chips, semiconductors, and cars. Shipments grew to China (8.6%), the U.S. (22.9%), ASEAN (25.3%), the EU (10.5%), and Taiwan (37.8%), while falling to Hong Kong (-8.0%) and the Middle East (-12.0%). By category, exports rose across almost all major components. Electrical machinery surged 30.4%, driven by semiconductor and integrated circuit exports, while machinery rose 18.4%, led by semiconductor-related products. Transport equipment exports rose 10.8%, supported by motor vehicle shipments. Other exports grew 9.8%, boosted by scientific and optical instruments. Manufactured goods climbed 12.7%, led by iron and steel products, while chemicals rose 16.4%. AI-related demand should continue supporting exports, although a prolonged Middle East conflict could dampen global demand amid elevated energy prices.
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