Japan trade deficit nearly doubles in September

Japan ran a trade deficit of 536.6 billion yen in September 2026, nearly double the 277.7 billion yen deficit a year earlier, as imports rose 18.9 percent to 11,508.8 billion yen, outpacing exports up 16.7 percent to 10,972.3 billion yen, the Ministry of Finance said.

Why it matters: Import growth outrunning export growth for the fiscal half year leaves Japan with a 2,818.4 billion yen deficit for April to September, the external backdrop to the Bank of Japan's October 29 to 30 meeting and the yen's import cost pressure.

Data as of Ministry of Finance trade statistics, provisional, released October 21, 2026 Japan time and read in full via Japan Customs (the ministry link redirects to the Customs and Tariff Bureau release page). Figures are census totals, not seasonally adjusted, in millions of yen as published. Single primary source, the ministry itself, hence grade B. Developing item.

Japan’s exports rose 16.7 percent from a year earlier to 10,972,254 million yen in September 2026, while imports rose 18.9 percent to 11,508,812 million yen, leaving a trade deficit of 536,558 million yen against a deficit of 277,703 million yen in September 2025, the Ministry of Finance said in its provisional release. For the fiscal half year from April to September, exports rose 18.4 percent to 63,456,950 million yen and imports rose 20.4 percent to 66,275,384 million yen, for a cumulative deficit of 2,818,434 million yen.

Japan trade deficit nearly doubles in September

Sources