FX.co ★ Japan Trade Surplus Below Estimates

Japan’s trade surplus widened to JPY 667.0 billion in March 2026 from JPY 529.8 billion a year earlier, as export growth continued to outpace imports. It was the second consecutive month in surplus, though the figure came in below market expectations of a JPY 1,106 billion surplus.

Exports climbed 11.7% year-on-year to a record JPY 11,003.3 billion, exceeding forecasts of 11.0% and accelerating from February’s 4.0% increase. The upturn was underpinned by robust demand from China and ASEAN economies, alongside a modest pickup in shipments to the United States.

Imports rose 10.9% to JPY 10,336.3 billion, above the predicted 7.1% and faster than February’s 10.3% rise. This was the strongest import growth since January 2025, reflecting resilient domestic demand following Tokyo’s substantial stimulus measures introduced in late 2025.