Japan’s September Trade Deficit Nearly Doubles as Imports Outpace Exports

Japan posted a provisional ¥536.6 billion trade deficit in September, nearly double the year-earlier shortfall as imports grew faster than exports and its trade surplus with the United States narrowed.

The deficit was 93.2% larger than the ¥277.7 billion shortfall in September 2025 and marked Japan’s fifth consecutive monthly deficit. The comparison is year over year: the unadjusted September gap narrowed from ¥1.112 trillion in August. On a seasonally adjusted basis, the deficit fell 12.1% from August to ¥704.0 billion, a different month-to-month comparison from the unadjusted figure.

Exports totaled ¥10.972 trillion, up 16.7% from a year earlier. Japan’s September export growth extended its growth streak to 13 months. Imports reached ¥11.509 trillion, up 18.9% and marking an eighth consecutive monthly increase. The import growth rate was 2.2 percentage points higher than export growth.

Semiconductor-related electronic parts and automobiles were among the export categories that increased. Crude oil and semiconductor-related electronic parts were among the imports that rose. Semiconductor-related electronic parts appeared on both lists, contributing to growth in exports as well as imports.

Japan’s exports to the United States totaled ¥1.963 trillion, up 22.9% from a year earlier. Imports from the United States reached ¥1.570 trillion, up 44.8%. Japan’s bilateral surplus fell 23.4% to ¥392.8 billion.

For April through September, the first half of Japan’s fiscal year, exports rose 18.4% to ¥63.457 trillion and imports increased 20.4% to ¥66.275 trillion. That left a ¥2.818 trillion trade gap for the six-month period.

Economists had expected exports to rise 20.1%, imports to increase 19.6% and a deficit of ¥181 billion. Export and import growth both came in below those forecasts, while the shortfall was larger. The customs exchange-rate average for September was ¥157.43 per U.S. dollar, 6.7% weaker than a year earlier. The September trade figures are provisional.