Japan Exports YoY

Japan’s exports rose 3.6% year-on-year to a seven-month high of JPY 9,766.3 billion in October 2025, marking the second straight month of growth and beating market estimates for a 1.1% increase. A weaker yen boosted the value of goods sold overseas, helping offset the impact of U.S. tariffs. Still, the growth rate slowed from September’s 4.2% gain, with shipments to the U.S.declining for the seventh consecutive month amid persistently lower demand for autos, chip-making equipment, and pharmaceuticals. Exports to South Korea (-8.9%) and the Middle East (18.5%) also fell. In contrast, sales grew to China (2.1%), ASEAN countries (0.2%), the EU (9.2%), and Russia (13.7%). While a trade pact with the U.S. was reached in September, Japanese firms remain subject to 15% export tariffs, versus an initial 27.5% on autos and 25% for most other goods. Analysts expect U.S.-bound shipments to stay weak as automakers shift tariff costs to consumers after initially absorbing them through price cuts.