Japan’s trade surplus increased to JPY 667.0 billion in March 2026 from JPY 529.8 billion in the same month a year earlier, marking a second straight month in surplus as export growth outpaced imports. However, the latest figure missed market expectations for a JPY 1,106 billion surplus. Exports rose 11.7% year-on-year to a record high of JPY 11,003.3 billion, beating forecasts of 11% and accelerating from February’s 4.0% gain. Growth was supported by strong demand from China, the EU, and ASEAN economies, alongside a modest rebound in shipments to the U.S. Meanwhile, imports increased 10.9% to JPY 10,336.3 billion, surpassing forecasts of 7.1% and quickening from February’s 10.3% rise. This marked the fastest import growth since January 2025, underpinned by resilient domestic demand following Tokyo’s sizeable stimulus rollout in late 2025.