Japan’s December Export Growth Slows
The increase fell short of market expectations, which had anticipated a 6.1% rise.
Trade tensions with the United States earlier in 2025 had weighed on Japan’s export performance, though shipments rebounded later in the year after a bilateral trade deal reduced tariffs to 15%.
Despite this, exports to the US declined 11.1% in December, reversing the 8.8% gain seen in November. That November uptick had been the first positive movement since March.
By contrast, exports to Hong Kong surged 31.1% year-on-year, while shipments to mainland China — Japan’s largest trading partner — grew 5.6%. Overall exports to Asia expanded by 10.2%, highlighting stronger demand across the region.
For the entirety of 2025, Japan’s exports increased 3.1%, a slower pace than the 6.2% growth recorded in 2024. Shipments to the US and China both weakened, falling 4.1% and 0.4% respectively.
However, robust gains to Hong Kong (17.8%) and Taiwan (15.1%) helped offset declines in Tokyo’s two biggest markets.
Imports also showed strength, climbing 5.1% in December compared to the previous year. This exceeded forecasts of a 3.6% rise and marked a significant acceleration from November’s modest 1.3% increase.
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