Japan Exports Grow 16.7 Percent in September, Missing Forecasts

Japan's export growth fell short of market expectations in September, with shipments rising 16.7% from a year earlier as the country's trade expansion slowed for a second consecutive month. According to data reported by CNBC and figures cited from Reuters-polled analysts, semiconductor shipments remained a major contributor to export growth, while trade with China and the United States continued to increase.

Economists surveyed by Reuters had forecast a 20.1% annual increase in exports, leaving the actual result 3.4 percentage points below expectations. The latest figures followed a period of stronger growth in July, when Japanese exports reached their highest level in nearly four years.

Semiconductors provided substantial support for shipments during September. Their export value increased 49.4% from the same month a year earlier, according to the figures reported by CNBC.

China, Japan's largest trading partner, recorded an 8.6% increase in imports of Japanese goods. Exports to the United States rose 22.9% year over year, indicating continued growth in shipments to both major markets despite the overall slowdown in export growth.

Exports have played a central role in Japan's economic performance during the first half of 2026. According to CNBC, overseas shipments helped the world's fourth-largest economy exceed expectations in the first quarter and supported economic growth in the second quarter.

Japan's imports also increased in September, but their growth rate came in below analysts' expectations. Imports rose 18.9% from a year earlier, compared with the 19.6% increase forecast by economists surveyed by Reuters.

The September trade figures showed slower export growth alongside continued expansion in semiconductor shipments and trade with Japan's largest overseas markets. Both exports and imports recorded annual increases below the forecasts cited in the report.