Japan Exports YoY

Japan's exports increased by 3.9% yoy to JPY 9,847.8 billion in March 2025, below market forecasts of 4.5%. This marked a sharp slowdown from an 11.4% jump in the previous month, influenced by U.S. steel and aluminum tariffs. Shipments of transport equipment increased 4.2%, led by motor vehicles (7.2%) and cars (6.7%). Also, sales of others climbed 15.4%, driven by scientific and optical instruments (3.4%). Machinery exports grew 3.8%, lifted by power-generating machines (1.9%); and sales of electrical machinery added 1.4%, due to chips (4.2%). Chemical shipments gained 3.7%, despite a slight drop in plastics. In contrast, exports of manufactured goods fell 0.1%, weighed by iron & steel (-8.2%). Sales grew to the US (3.1%), Hong Kong (19.7%), Taiwan (19.5%), South Korea (11.5%), India (14.4%), and Russia (47.6%). Sales to the ASEAN countries gained 2.3%, notably Singapore (6.0%) and Thailand (4.3%). Conversely, they fell to China (-4.8%), the EU (-1.1%), and Australia (-17.1%).