Japan’s exports rose in September for the first time in five months, signaling tentative recovery in external demand even as shipments to the U.S. continued to contract sharply.
Exports climbed 4.2% yoy to JPY 9.41T, slightly below expectations of 4.6%. The rebound was driven largely by strength in Asia, where exports jumped 9.2%, including a 5.8% rise to China. In contrast, shipments to the U.S. fell -13.3%, with auto exports down -24.2%, extending months of weakness despite being a smaller drop than August’s 28.4% decline.
Imports also grew faster than expected, rising 3.3% yoy to JPY 9.65T, compared with forecasts of 0.6%. As a result, Japan posted a trade deficit of JPY 234.6B.
The data come just weeks after Washington finalized a new trade agreement with Tokyo, implementing a 15% baseline tariff on nearly all Japanese imports, down from the initial 27.5% rate.
