Honda vehicles are lined up at a vehicle storage yard at an industrial port, on the day U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports, in Yokohama, near Tokyo, Japan, July 23, 2025.
Kim Kyung-hoon | Reuters
Japan’s exports in November rose at their fastest rate in nine months this year, growing at 6.1% year on year, data from the country’s finance ministry released Wednesday showed.
The growth sharply beat expectations of an average 4.8% rise estimated by economists polled by Reuters, and was higher than the 3.6% seen in the previous month.
The export numbers were supported by a 23.6% increase in goods shipped to Western Europe, as well as an 8.8% rise in exports to the U.S., its second largest trading partner. This marks the first time that exports to the U.S. from Japan have increased since March.
The data comes after revised GDP numbers for the third quarter showed that Japan’s economy contracted more than initially estimated, shrinking 0.6% quarter on quarter, and 2.3% on an annualized basis.
Shipments to mainland China fell 2.4%, but exports to Hong Kong jumped 11.4% compared to the same period the previous year.
In November, tensions between Japan and China rose after Japanese Prime Minister Sanae Takaichi said that a Chinese attempt to seize Taiwan by force could trigger an intervention by Japan’s military, leading to Beijing restricting imports of Japanese seafood.
Imports into Japan rose 1.3% in November, compared to expectations of a 2.5% rise.
Trade frictions aside, Japanese companies are positive on business growth, with the Bank of Japan’s Tankan survey showing that sentiment among Japanese companies mostly improved in the fourth quarter, especially among small manufacturers.
