Japan ran a trade deficit of ¥536.6bn in September, almost double the ¥277.7bn gap a year earlier, even though exports rose 16.7% to ¥10.97tn. Imports grew faster, up 18.9% to ¥11.51tn, according to the preliminary customs figures the Ministry of Finance released on 21 October. It was the fifth straight monthly deficit. Exports have now risen for 13 months in a row and imports for eight.
Value outran volume
The customs volume indices show where the gap opened. Export volume rose 1.9%, the seventh straight monthly gain, while import volume fell 1.6%, its first decline in four months. The price indices (2020=100) moved further apart: export prices rose 14.5% and import prices 20.8%. Customs also reported an average rate of ¥157.43 per dollar for September, a yen 6.7% weaker than the ¥147.61 of September 2025. That is a statistical average for trade valuation, not a market quote.
Growth in value slowed on both sides from the summer. Exports rose 23.2% in July and 19.3% in August; imports rose 27.9% and 28.0%. September's deficit was smaller than July's ¥644.9bn and August's ¥1.11tn. On a seasonally adjusted basis, exports fell 1.1% from August and imports fell 1.9%, leaving a deficit of ¥704.0bn.
Chips and fuel on both sides
Electronic components were the largest single contributor to export growth. Shipments of semiconductors and other electronic parts rose 49.4% to ¥933.7bn, adding 3.3 percentage points to the 16.7% total. Cars rose 15.1% to ¥1.72tn (2.4 points), and chip-making equipment rose 43.9% to ¥553.3bn (1.8 points).
On the import side, crude oil rose 51.1% to ¥1.11tn, adding 3.9 points, although the volume rose only 3.1%. LNG imports rose 39.2% to ¥590.6bn (1.7 points) while volume fell 7.3%. Electronic parts imports rose 51.4% to ¥605.2bn (2.1 points). Mineral fuels as a group came to ¥2.35tn, up 39.4%.
| Region | Exports | Imports | Balance |
|---|---|---|---|
| World | ¥10.97tn (+16.7%) | ¥11.51tn (+18.9%) | -¥536.6bn |
| United States | ¥1.96tn (+22.9%) | ¥1.57tn (+44.8%) | +¥392.8bn |
| EU | ¥985.4bn (+10.5%) | ¥1.13tn (-0.1%) | -¥140.9bn |
| Asia | ¥6.07tn (+17.5%) | ¥6.03tn (+22.2%) | +¥47.1bn |
| China | ¥1.73tn (+8.6%) | ¥2.76tn (+16.4%) | -¥1.03tn |
A narrower US surplus and a wider China gap
The surplus with the United States shrank to ¥392.8bn, down 23.4% from a year earlier, the tenth straight monthly fall. Exports to the US rose 22.9% to ¥1.96tn, but imports rose 44.8% to ¥1.57tn. Cars led exports to the US, up 31.0% and contributing 7.1 points, followed by pharmaceuticals (up 157.7%) and chip-making equipment (up 93.1%). Imports from the US were driven by energy: crude oil rose 819.7%, contributing 31.4 points, and LNG rose 541.6%. Computers and peripherals rose 130.7%.
The deficit with China widened 32.5% to ¥1.03tn. Exports to China rose 8.6% to ¥1.73tn, while imports rose 16.4% to ¥2.76tn. Car exports to China fell 59.8% to ¥37.4bn, taking 3.5 points off export growth to that market, while chip-making equipment exports rose 14.3% to ¥225.2bn. Imports from China were led by non-ferrous metals (up 117.1%), electronic parts (up 54.1%) and heavy electrical equipment (up 40.0%).
Elsewhere, Japan kept a ¥47.1bn surplus with Asia as a whole, down 80.2%, for an eighth straight monthly surplus. The EU deficit was ¥140.9bn, 40.3% smaller than a year earlier.
All values are nominal and preliminary, marked (P) in the customs tables. Revisions to the September figures would change the exact gap. China, with a deficit now in its 66th consecutive month, remains the largest single hole in the account.