Japan Import Growth at 14-Month Peak

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%).

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%).