Japan Imports Grow the Most in 19 Months

Japan's imports rose 9.7% year-on-year to JPY 10,205.4 billion in April 2026, easing slightly from a 10.9% increase in the previous month but still surpassing market expectations of 8.3%. Domestic 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 current streak.

Japan’s imports rose 10.9% yoy to JPY 10,336.3 billion in March 2026, surpassing market estimates of 7.1% and accelerating from February’s 10.3% gain. This was the second straight month of increases in purchases and the fastest pace since January 2025, boosted by robust domestic demand following Tokyo’s sizeable stimulus rollout in late 2025. Imports grew for most components, including electrical machinery (25.9%), led by semiconductors; others (8.2%); machinery (14.5%); manufactured goods (19.0%); chemicals (10.3%); and raw materials (15.6%). On the other hand, purchases of mineral fuels fell 3.4%, reflecting disruptions from the Middle East conflict. Imports of transport equipment declined 2.3%, largely dragged by motor vehicles. Purchases expanded from China (8.8%), the U.S. (17.7%), Hong Kong (12.4%), Taiwan (31.4%), South Korea (29.9%), ASEAN countries (10.6%), the EU (16.7%), and South Africa (64.4%). Conversely, imports fell from Russia (-16.0%) and the Middle East (-10.7%).

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%).