Japan Import Growth Slows to 5-Month Low

2026-10-20 23:58 By Joshua Ferrer 1 min. read

Japan’s imports grew by 18.9% year-on-year to JPY 11,508.8 billion in September 2026, falling short of market expectations for a 19.6% gain and slowing from an almost four-year high of 28% rise in August.

While the latest result marked the softest growth since April, as crude oil arrivals declined due to delayed deliveries to Japan following tanker rerouting, purchases of mineral fuels remained strong in value, rising 39.4% year-on-year, led by a 51.1% jump in crude petroleum amid elevated oil prices driven by Middle East tensions.

Imports of machinery also rose 27.0%, followed by electrical machinery (23.4%), manufactured goods (17.1%), and chemicals (7.1%).

Meanwhile, transport equipment imports increased by a more modest 2.2%, while foodstuff purchases rose 6.7%.

By region, imports rose from China (16.4%), Taiwan (54.9%), South Korea (40.7%), the US (44.8%), ASEAN (16.0%), and Australia (31.1%), while purchases from the EU edged down 0.1% and those from the Middle East fell 7%.



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Japan Import Growth Slows to 5-Month Low
Japan’s imports grew by 18.9% year-on-year to JPY 11,508.8 billion in September 2026, falling short of market expectations for a 19.6% gain and slowing from an almost four-year high of 28% rise in August. While the latest result marked the softest growth since April, as crude oil arrivals declined due to delayed deliveries to Japan following tanker rerouting, purchases of mineral fuels remained strong in value, rising 39.4% year-on-year, led by a 51.1% jump in crude petroleum amid elevated oil prices driven by Middle East tensions. Imports of machinery also rose 27.0%, followed by electrical machinery (23.4%), manufactured goods (17.1%), and chemicals (7.1%). Meanwhile, transport equipment imports increased by a more modest 2.2%, while foodstuff purchases rose 6.7%. By region, imports rose from China (16.4%), Taiwan (54.9%), South Korea (40.7%), the US (44.8%), ASEAN (16.0%), and Australia (31.1%), while purchases from the EU edged down 0.1% and those from the Middle East fell 7%.
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Japan's imports surged 28% year-on-year to JPY 11,153.9 billion in August 2026, following a marginally revised 27.9% rise in July, beating market estimates of 26.3% and posting the strongest growth since November 2022. The sharp rise reflected solid domestic demand, amid the government's late-2025 stimulus, as well as higher crude oil prices. Imports rose from China (22.5%), Hong Kong (31.5%), Taiwan (62.4%), South Korea (31.4%), the U.S. (55.2%), ASEAN (26.9%), and the EU (20.4%), while purchases fell from the Middle East (-4.2%). By category, imports increased across all major components, led by electrical machinery (40.8%) amid strong semiconductor demand, followed by other goods (19.1%), machinery (35.1%), chemicals (28.7%), manufactured goods (31.8%), and transport equipment (3.8%). Crude oil imports jumped 58.7% as Japan diversified energy buying away from the Strait of Hormuz amid ongoing tensions.
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Japan’s imports surged 27.8% year-on-year to a fresh record of JPY 12,146.3 billion in July 2026, accelerating from a 25.4% increase in June, exceeding market expectations of 26.5% and marking the strongest growth since November 2022. The increase was supported by resilient domestic demand, boosted by the government’s late-2025 stimulus measures, as well as higher crude oil prices. Imports rose from China (26.2%), Hong Kong (10.6%), Taiwan (65.9%), South Korea (28.8%), the U.S. (58.0%), ASEAN (30.9%) and the Middle East (11.9%), while purchases from the EU declined (-2.3%). By category, imports increased across all major components, led by electrical machinery (41.3%) amid strong semiconductor demand, followed by manufactured goods (31.2%), machinery (22.4%), chemicals (19.7%), transport equipment (13.5%) and other goods (5.1%). Meanwhile, crude oil imports soared 87.8% as Japan sought alternative supply routes to bypass the Strait of Hormuz amid ongoing Middle East tensions.
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