Japan's exports rose 11.7% yoy to a record JPY 11,003.3 billion in March 2026, beating market forecasts of 11% and picking up from February’s 4.0% gain. This marked the seventh consecutive month of export growth, driven by stronger shipments to key trading partners including China (17.7%), Hong Kong (7.6%), Taiwan (27.1%), ASEAN economies (19.7%), the EU (18.2%), India (8.5%), and Australia (26.0%). Sales to the U.S. rose 3.4%, marking the first rise in four months as headwinds linked to tariffs imposed by President Donald Trump eased. In contrast, shipments to Russia fell 9.4%, while exports to the Middle East plunged 45.9%, reflecting disruptions tied to the Iran war.