Japan's September export growth slowed to 16.7%, well below the 20.1% forecast, as imports also missed expectations.
01Summary
- 01Exports rose 16.7% year-on-year in September, missing the Reuters-polled estimate of 20.1%.
- 02This was the second consecutive month of slowdown after a near four-year high in July.
- 03Semiconductor exports surged 49.4% by value, supporting overall growth.
- 04Shipments to China increased 8.6% and to the US by 22.9%.
- 05Imports grew 18.9%, below the expected 19.6%.
02Why it matters
The slowdown suggests weakening external demand, which could affect Japan's economic growth, as exports have been a key driver for the first two quarters of 2026.
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