Japan Imports Grow the Most in 19 Months

Japan’s imports rose 10.2% yoy to JPY 9,514.3 billion in February 2026, rebounding from a 2.6% drop in the previous month and marking the fastest growth since July 2024, supported by firm domestic demand following Tokyo’s stimulus package introduced in last November, the first under the Takaichi administration. However, the latest increase fell short of market forecasts of 11.5%. Imports expanded for most components, including electrical machinery (23.9%), others (25.6%), machinery (2.0%), manufactured goods (23.4%), chemicals (2.0%), raw materials (20.6%), and transport equipment. On the other hand, purchases of mineral fuels shrank 9.5%. Purchases increased from China (35.4%), the U.S. (8.4%), Hong Kong (3.2%), Taiwan (33.4%), ASEAN countries (5.1%), Russia (15.8%), and the EU (3.1%). Conversely, imports fell from South Korea (-2.9%), India (-17.4%), Australia (-4.2%), and the Middle East (-13.0%).

Japan’s imports declined 2.5% yoy to JPY 10,340.2 billion in January 2026, missing market expectations of a 3% rise and reversing December’s 5.2% increase. The latest result marked the first contraction in purchases since last August, suggesting softer domestic demand and lower energy costs after winter stockpiling boosted imports late last year. Moreover, the pullback came despite Tokyo’s sizeable stimulus package announced in November, the first under the Takaichi administration. Imports fell for mineral fuels (-14.1%), machinery (-9.2%), chemicals (-6.7%), and transport equipment (-7.5%); but grew for electrical machinery (7.3%), others (2.3%), and manufactured goods (4.8%). Purchases shrank from South Korea (-4.2%), the ASEAN countries (-4.7%), India (-22.1%), Vietnam (-0.5%), Australia (-13.3%), the EU (-0.7%), and the Middle East (-14.5%). In contrast, arrivals grew from the U.S. (3.0%), Hong Kong (6.4%), Taiwan (19.1%), and Russia (6.0%).

Japan’s imports rose 5.3% year-on-year in December 2025, reaching an 11-month high of JPY 10,305.8 billion. The latest figure outpaced market expectations of 3.6% and sharply accelerated from November’s modest 1.3% gain. It also marked the fastest growth in purchases since January, underscoring robust year-end domestic demand fueled by Tokyo’s sweeping stimulus package, the largest since the pandemic and the first unveiled under the Takaichi administration. Imports grew for most components, including electrical machinery (22.7%), other goods (13.3%), machinery (9.2%), chemicals (16.6%), and manufactured goods. In contrast, mineral fuel purchases fell 12.5%, dragged by drops in petroleum (-8.6%) and LNG (-6.7%). Imports expanded from China (14.7%), the U.S. (9.2%), Hong Kong (7.5%), Taiwan (18.7%), Vietnam (19.6%), the ASEAN countries (5.8%), Russia (1.9%), the EU (21.6%), and South Africa (12.2%), but fell from South Korea (-6.7%), Australia (-16.0%) and the Middle East (-10.8%).