Ibaraki Prefecture – June 17: Technicians work in the clean room of manufacturing equipment at semiconductor company Renesas Technology on June 17, 2004 in Ibaraki Prefecture. Renesas was the first company in the world to produce semiconductor products from 300mm wafers. (Photo provided by Koichi Kamoshida/Getty Images)
Koichi Kamoshida | Getty Images Entertainment | Getty Images
Japan’s exports in September increased by 16.7% compared to the same month last year, significantly lower than market expectations. Analysts polled by Reuters had expected export growth to be 20.1%.
Shipments from Japan have slowed for two consecutive months after hitting the highest level in about four years in July.
Growth continued to be supported by strong semiconductor exports, with shipments increasing by 49.4% year-on-year in terms of value.
Machinery exports also boosted growth, with shipments of semiconductor-related machinery increasing by 43.9% and exports of power generation machinery increasing by 22.6%.
By destination, shipments to mainland China, Japan’s largest trading partner, increased by 8.6%, and exports to the United States increased by 22.9%.
Exports were the main driver of Japan’s growth in the first two quarters of 2026, with the world’s fourth-largest economy beating expectations in the first quarter and supporting growth in the second quarter.
Japan’s imports rose 18.9% in September, also lower than the 19.6% expected by Reuters.
Tokyo’s oil imports rose 51.1% by value in September, with imports from the United States soaring nearly 820%, but oil imports from the Middle East rose only 1.5% as conflicts in the region continue to hamper supplies.
Benchmark after data release Nikkei Stock Average rose 1.8%, and TOPIX rose 1.14%.
The figures were released as the Bank of Japan prepares to meet next week, and Reuters poll estimates suggest the central bank is expected to keep its policy interest rate unchanged at 1%.
