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Ministry of Finance data placed September exports at 10.97 trillion yen, a 16.7 percent increase from a year earlier that extended a growth streak to 13 months while imports reached 11.51 trillion yen after an 18.9 percent rise. The resulting 536.6 billion yen deficit exceeded the 181 billion yen shortfall anticipated in a Reuters poll of economists and widened from the 277.7 billion yen gap recorded in September of the previous year. Semiconductor and artificial intelligence-related shipments drove much of the export performance according to the ministry breakdown.
The ministry reported that exports to the United States advanced 22.9 percent from a year earlier while those to China increased 8.6 percent during the month. Crude oil imports surged 51.1 percent as the country worked to diversify energy procurement amid tensions in the Strait of Hormuz. Import growth slowed from the 28 percent pace in August which helped narrow the gap from the 1.11 trillion yen deficit posted the prior month.
For the first half of fiscal 2026 spanning April through September the ministry put the cumulative trade deficit at 2.8 trillion yen nearly double the total from the same period a year earlier. Surging crude oil prices tied to Middle East developments lifted import costs across the six-month span according to the released figures. The September data marked the latest in a series of shortfalls that have persisted despite resilient external demand.
A report from Nikkei Asia on the ministry release noted that lower crude oil arrivals in September contributed to the slower import expansion. The publication added that October crude oil procurement is projected to return to full year-earlier levels with tankers arriving via the Suez Canal. Government officials have cited such supply-chain factors when addressing energy import volatility.
The Bank of Japan is scheduled to convene a policy meeting later in October at which it will issue updated quarterly growth and inflation projections according to coverage of the trade release. Central bank policymakers have tracked external demand indicators including these trade results as part of their assessments. The ministry data further showed that corporate efforts to reflect higher costs in export prices have supported recent shipment values.
