Japan's exports rose 16.7% by value in September but just 1.9% by volume, showing that the headline trade gain outpaced growth in shipments as the country remained in deficit.
Japan's Ministry of Finance put exports at ¥10.97 trillion in provisional data released Oct. 21. Its export unit-value index rose 14.5% from a year earlier, compared with the 1.9% increase in the volume index.
Semiconductor and related component exports reached ¥933.7 billion, up 49.4% by value. Exports of semiconductor manufacturing machinery increased 43.9% to ¥553.3 billion. Motor vehicle exports climbed 15.1% to ¥1.72 trillion, including a 16.5% gain in cars.
The gains extended across major destinations. Export value rose 22.9% to the United States, 8.6% to China and 10.5% to the European Union from September 2025.
Imports grew 18.9% to ¥11.51 trillion, leaving an unadjusted trade deficit of ¥536.6 billion. The gap narrowed from August's roughly ¥1.11 trillion shortfall. The ministry's import volume index fell 1.6%, while its import unit-value index rose 20.8%.
Petroleum imports showed a similar divide between value and volume. Their value climbed 51.1% from a year earlier, while the quantity imported increased 3.1%. The higher oil bill added to import costs without a comparable increase in volume.
Norinchukin Research Institute chief economist Takeshi Minami cited continued AI-related demand alongside rising semiconductor exports, Bloomberg News reported. The ministry's figures show the chip export gain but do not measure how much AI demand contributed to it.
For the April-September fiscal half, exports rose 18.4% and imports increased 20.4%. The ministry reported a ¥2.82 trillion trade deficit for the period, extending the pattern of import growth outpacing export growth in the September figures.
The ministry has scheduled further September trade details for Oct. 28 at 8:30 p.m. ET. Provisional figures for October are due Nov. 17 at 6:50 p.m. ET.
