Japan’s export growth remained solid in September, with shipments of chips and cars rising. The value of exports rose 16.7% from a year earlier, the Finance Ministry reported Wednesday. That missed economists’ median forecast of a 21.3% increase.
Exports have risen for 13 straight months. Imports rose 18.9%, compared with economists’ estimate of a 20.4% advance. The trade balance was an unadjusted ¥536 billion ($3.4 billion) deficit, compared with a ¥1.1 trillion deficit in August.
The gain in exports highlighted ongoing demand related to artificial intelligence. Shipments of semiconductors and chip-making equipment surged 49.4% and 43.9%, respectively. Car exports gained 15.1%.
By destination, shipments to the U.S. gained 22.9%. Those to China and the European Union advanced 8.6% and 10.5%, respectively. Imports of crude oil gained 51.1% by value, compared with a 3.1% increase in volume, as oil prices remained elevated due to tensions in the Middle East.
Japan’s crude oil imports from the U.S. jumped 820% by value in September, while shipments from the Middle East gained 1.5% by value. In volume terms, oil imports from the region fell 30%. Japan’s trade surplus with the U.S. was ¥393 billion.
President Donald Trump’s administration has imposed higher tariffs on Japanese goods in an effort to narrow the U.S. trade deficit with Japan. The two nations struck a trade deal last year that capped tariffs at 15% on most Japanese products in exchange for Tokyo’s pledge to increase investment in the U.S. The yen traded at ¥157.43 against the dollar, on average, in September, 6.7% weaker than a year earlier, according to the ministry.
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