Japan's exports are ramping up despite the Iran War:
Japan’s exports jumped +11.7% YoY in March, the 2nd-highest since May 2024.
This marks a sharp acceleration from the +4.0% increase in February.
Exports to China drove the surge, rising +17.7%, led by chips, electronic components, and industrial metals.
At the same time, imports soared +10.9% YoY, widening the trade surplus to ~$4.2 billion, the highest since December 2020.
Meanwhile, crude oil imports fell -7.3% in value terms, as tankers that had already departed before the war continued arriving through mid-March.
China’s demand is driving the Japanese economy.
