---
source: Ministry of Finance, Customs and Tariff Bureau
url: https://www.customs.go.jp/toukei/latest/index_e.htm
source_url_direct: https://www.customs.go.jp/toukei/shinbun/trade-st_e/2026/2026024e.pdf
document_type: pdf
date_retrieved: 2026-03-18
period: February 2026
parent_publication: Trade Statistics of Japan
release_date: 2026-03-18
status: Provisional
indicators_covered: [Balance of Trade, Exports YoY, Imports YoY]
---

# Trade Statistics of Japan – February 2026 (Provisional)

**Ministry of Finance, Customs and Tariff Bureau**  
**Released: March 18, 2026**

---

## Summary – Key Figures

Japan's trade balance swung dramatically into surplus in February 2026 after persistent deficits in recent months. The swing reflects a sharp deceleration in import growth relative to flat export performance, driven by moderation in energy prices and demand from trade partners.

| Metric | February 2026 | February 2025 | YoY Change | % Change |
|--------|--------------|--------------|-----------|----------|
| **Exports** | ¥9,571.6B | ¥9,189.8B | +¥381.8B | +4.2% |
| **Imports** | ¥9,514.3B | ¥8,630.6B | +¥883.7B | +10.2% |
| **Trade Balance** | **¥57.3B** | **-¥559.2B** | **+¥616.5B** | **-89.8%** |

---

## Trade Balance (Census, Not Seasonally Adjusted)

**February 2026: ¥57.3 billion surplus**

This represents a dramatic reversal from February 2025's ¥559.2 billion deficit, marking the first trade surplus in several months. The ¥616.5 billion swing reflects import growth moderating to +10.2% YoY (from explosive double-digit levels in preceding months) while export growth remained modest at +4.2%.

---

## Exports YoY

**February 2026: +4.2% year-on-year**

Total exports reached ¥9,571.6 billion, up 4.2% from ¥9,189.8 billion in February 2025. Growth is tempered relative to prior quarters, reflecting:

- **Transport equipment** (motor vehicles): +1.5% – automotive exports slowed; market normalization after 2025 peak
- **Semiconductors and electrical machinery**: +10.3% (19.1% of exports) – modest outperformance
- **Chemicals**: -6.1% – weakness in organic chemicals and medical products
- **Foodstuffs**: +3.5% – steady but slow growth

**Regional breakdown:**
- **To USA**: -8.0% – sharp contraction, driven by auto sector weakness (-16.6% in motor vehicles)
- **To EU**: +14.0% – strongest performer; machinery and transport equipment growth
- **To Asia**: +2.8% – contained growth; China exports -10.9%, offset by ASEAN recovery (+5.1%)

---

## Imports YoY

**February 2026: +10.2% year-on-year**

Total imports reached ¥9,514.3 billion, up 10.2% from ¥8,630.6 billion in February 2025.

Despite the uptick, import growth momentum is cooling sharply from double-digit rates seen in late 2025. Key drivers:

- **Mineral fuels (petroleum, LNG, coal)**: -9.5% YoY – crude and LNG prices moderating from 2025 peaks
- **Chemicals**: +2.0% – steady growth, medical products strong (+2.0%)
- **Electrical machinery**: +23.9% – semiconductors (+41.1%) and IC supply chain rebuilding
- **Food and raw materials**: +7.9-20.6% – elevated from weak February 2025 base

**Regional breakdown:**
- **From China**: +35.4% – surge in electrical machinery and semiconductors (+52.2% and +41.1% respectively); reflects supply chain diversification away from strict zero-COVID practices
- **From Asia**: +19.1% – broad-based growth in intermediate goods and electronics
- **From USA**: +8.4% – moderate pace; agricultural and energy inputs stable
- **From EU**: +3.1% – slowest regional growth; industrial machinery and chemicals

---

## Trade by Commodity – Exports (Grand Total: ¥9,571.6B)

### Top Export Categories:

1. **Transport Equipment (24.8% of exports)**: ¥2,164.3B, +1.5%
   - Motor vehicles: ¥1,605.8B, -0.1% (stalled; weak US market)
   - Aircraft & parts: ¥34.7B, +13.1%

2. **Electrical Machinery (17.0% of exports)**: ¥1,626.2B, +10.3%
   - Semiconductors & IC: ¥608.5B, +25.1%
   - Audio/visual apparatus: ¥56.4B, +0.8%

3. **Machinery (17.1% of exports)**: ¥1,638.7B, -2.3%
   - Semicon machinery: ¥329.1B, -16.9% (supply cycle moderation)
   - Power generating machines: ¥279.0B, +4.2%

4. **Manufactured Goods (10.2% of exports)**: ¥976.9B, -2.6%
   - Iron & steel: ¥294.0B, -15.5%
   - Nonferrous metals: ¥278.3B, +17.6%

5. **Chemicals (9.8% of exports)**: ¥940.8B, -6.1%
   - Organic chemicals: ¥149.2B, -17.3%
   - Medical products: ¥97.1B, -19.3%

6. **Foodstuffs (1.1% of exports)**: ¥109.0B, +3.5%

---

## Trade by Commodity – Imports (Grand Total: ¥9,514.3B)

### Top Import Categories:

1. **Electrical Machinery (18.0% of imports)**: ¥1,708.9B, +23.9%
   - Semiconductors & IC: ¥412.9B, +35.0%
   - Telephony/telegraphy: ¥398.7B, +19.9%

2. **Mineral Fuels (18.7% of imports)**: ¥1,780.5B, -9.5%
   - Petroleum: ¥756.4B, -4.2% (price moderation)
   - LNG: ¥496.9B, -28.0% (sharp drop; winter demand easing)
   - Coal: ¥285.4B, -13.4%

3. **Chemicals (10.5% of imports)**: ¥995.4B, +2.0%
   - Organic chemicals: ¥169.0B, +12.9%
   - Medical products: ¥428.8B, -5.3%

4. **Foodstuffs (8.2% of imports)**: ¥783.7B, +7.9%
   - Fish & fish preparations: ¥163.9B, +30.5%
   - Meat & meat preparations: ¥148.8B, +6.5%

5. **Machinery (10.0% of imports)**: ¥955.7B, +2.0%
   - Power generating machines: ¥179.2B, +3.4%
   - Computers & units: ¥290.9B, -2.2%

6. **Manufactured Goods (8.7% of imports)**: ¥830.2B, +23.4%
   - Iron & steel: ¥93.1B, -2.6%
   - Nonferrous metals: ¥297.1B, +46.7%

7. **Raw Materials (6.7% of imports)**: ¥638.3B, +20.6%
   - Iron ore: ¥108.6B, +5.2%
   - Wood & timber: ¥21.4B, -12.9%

---

## Trade by Major Partner

### Exports by Destination:

| Partner | Value (¥B) | % of Exports | YoY Change |
|---------|-----------|-------------|-----------|
| **USA** | 1,752.9 | 18.3% | -8.0% |
| **EU** | 916.8 | 9.6% | +14.0% |
| **Asia Total** | 5,027.4 | 52.5% | +2.8% |
| — China | 1,369.6 | 14.3% | -10.9% |
| — South Korea | 609.9 | 6.4% | -2.5% |
| — Taiwan | 683.8 | 7.1% | +6.2% |
| — ASEAN | 1,405.1 | 14.7% | +5.1% |
| **Middle East** | 433.1 | 4.5% | +27.1% |

**Key dynamics:**
- USA contraction driven by automotive weakness (-13.0% for motor vehicles on US market)
- EU strength broad-based across machinery (+17.8%) and chemicals (+0.3%)
- China exports collapsed (-10.9%), particularly semiconductors (-22.9%) and machinery (-22.5%), reflecting intense competition and local supply chain buildout
- ASEAN growth (+5.1%) signals production shift away from China

### Imports by Origin:

| Partner | Value (¥B) | % of Imports | YoY Change |
|---------|-----------|-------------|-----------|
| **USA** | 1,071.1 | 11.3% | +8.4% |
| **EU** | 1,069.4 | 11.2% | +3.1% |
| **Asia Total** | 4,771.4 | 50.1% | +19.1% |
| — China | 2,336.9 | 24.5% | +35.4% |
| — South Korea | 355.9 | 3.7% | -2.9% |
| — ASEAN | 1,496.7 | 15.7% | +5.1% |
| **Middle East** | 858.4 | 9.0% | -13.0% |
| **Australia** | 647.9 | 6.8% | -1.6% |

**Key dynamics:**
- China imports surge (+35.4%) – semiconductor and electrical machinery supply chain recovery post-lockdowns
- Middle East imports decline sharply (-13.0%) – LNG and petroleum moderation
- ASEAN consistent steady growth (+5.1%) – diversification of supplier base
- Australia flat (-1.6%) – iron ore and coal prices cooling

---

## Trade Indices (2020 = 100)

### Export-Import Dynamics by Region:

| Region | Export Index | Import Index | Export Growth | Import Growth |
|--------|------------|-------------|--------------|--------------|
| **World** | 167.9 | 167.9 | +4.2% | +10.2% |
| **USA** | 166.8 | 172.4 | -8.0% | +8.4% |
| **EU** | 174.2 | 165.3 | +14.0% | +3.1% |
| **Asia** | 153.8 | 165.1 | +2.8% | +19.1% |
| **China** | 109.0 | 160.2 | -10.9% | +35.4% |

**Unit value (price) trends:**
- Export unit values: +4.7% globally (goods mix shift to higher-value semiconductors and machinery)
- Import unit values: -1.9% globally (energy and commodity deflation)

---

## Seasonal & Methodological Notes

1. **Valuation basis:**
   - Exports: F.O.B. (Free on Board)
   - Imports: C.I.F. (Cost, Insurance, Freight)

2. **Timing:**
   - Exports recorded when vessel/aircraft departs Japanese port
   - Imports recorded when import permit issued

3. **Status:** Provisional figures; subject to revision

4. **Data source:** Ministry of Finance, Customs and Tariff Bureau

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## Analysis Context

**February 2026 marks a pivotal inflection in Japan's trade dynamics:**

1. **Energy price deflation** (LNG -28%, petroleum -4.2%) is the primary driver of the surplus, not export strength
2. **Export momentum remains weak** (+4.2%) – the economy is not gaining export-led traction
3. **Supply chain bottlenecks easing** – semiconductor imports surging (+35.4%) signals production restart in Asia
4. **USA market deterioration** – auto exports to America fell 13%, critical warning sign for 2026 global demand
5. **China competition intensifying** – Japan's exports to China collapsed 10.9% as Chinese suppliers capture semiconductor and machinery market share

The trade surplus is **structural strength via cost deflation, not demand-driven**. For Japan's macro outlook, the failure of exports to accelerate is more significant than the headline surplus.