Japan Import Growth at Near 4-Year High

Japan’s imports surged 28% year-on-year to JPY 11,153.9 billion in August 2026, following a marginally revised 27.9% rise in July, beating market estimates of 26.3% and posting the strongest growth since November 2022. The sharp rise reflected solid domestic demand, amid the government’s late-2025 stimulus, as well as higher crude oil prices. Imports rose from China (22.5%), Hong Kong (31.5%), Taiwan (62.4%), South Korea (31.4%), the U.S. (55.2%), ASEAN (26.9%), and the EU (20.4%), while purchases fell from the Middle East (-4.2%). By category, imports increased across all major components, led by electrical machinery (40.8%) amid strong semiconductor demand, followed by other goods (19.1%), machinery (35.1%), chemicals (28.7%), manufactured goods (31.8%), and transport equipment (3.8%). Crude oil imports jumped 58.7% as Japan diversified energy buying away from the Strait of Hormuz amid ongoing tensions.





