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Japan's Export Growth Continues Despite U.S. Trade Tensions

February 2025 marked the fifth consecutive month of export increases, driven by stockpiling and higher trade with the U.S. and China, as concerns grow over upcoming auto tariffs.

Bangkok Bridge, a container ship, is seen at Shinagawa Container Terminal in Tokyo, Japan, February 6, 2025. REUTERS/Kim Kyung-Hoon/File Photo
Shoppers check foods at a supermarket in Tokyo, Japan January 10, 2023. REUTERS/Issei Kato/File Photo
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Overview

  • Japan's exports rose 11.4% year-on-year in February 2025, marking five consecutive months of growth, though below market expectations of 12.1%.
  • Exports to the United States increased by 10.5%, while exports to China surged 14.1%, partly influenced by the earlier end of the Lunar New Year holiday.
  • Japan recorded a trade surplus of 584.5 billion yen ($3.91 billion) in February, though this was below the forecasted 722.8 billion yen.
  • The rise in exports was partly attributed to stockpiling by Japanese companies, such as Sony Group, in anticipation of upcoming U.S. auto tariffs set to begin in April.
  • The Bank of Japan maintained its interest rate at 0.5% and is monitoring the economic risks posed by escalating U.S. protectionist policies.