Giappone Exports YoY

Japan’s exports rose 6.1% year-on-year to JPY 9,714.7 billion in November 2025, marking a third consecutive monthly gain and surpassing market forecasts of 4.8%. It was the fastest pace in outbound shipments since February, driven by a rebound in U.S. exports and a weaker yen that bolstered competitiveness. Shipments to the U.S. climbed 8.8%, the first increase in eight months, due to demand for pharmaceuticals, mineral fuels, and construction machines. Exports also grew to Hong Kong (11.4%), Taiwan (16.8%), Vietnam (14.0%), the ASEAN countries (4.6%), the EU (19.6%), and Russia (29.9%). In contrast, sales fell to China (-2.4%), South Korea (-1.6%), Australia (-19.2%), and the Middle East (-1.5%). Tariff pressures proved milder than feared, with exporters absorbing part of the burden to protect market share. Further relief also came from the September U.S.–Japan trade pact, which set a uniform 15% tariff on most imports, easing earlier levies of 27.5% on autos and 25% on other goods.