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Japan imports hit monthly record as oil prices boost costs
July imports rose 27.8% year over year to 12.1 trillion yen, while exports reached a record 11.5 trillion yen amid weaker yen and AI-linked semiconductor demand.
Japan’s imports hit a monthly record in July as higher oil prices lifted energy costs, driving inflationary pressure. According to Reuters, total imports by value grew 27.8% year over year to 12.1 trillion yen, exceeding market forecasts for a 26.5% increase and marking a fresh record for a second straight month.
The rise in import value was linked to rebounding crude oil volumes, with shipments from the United States replacing some Middle East supply disrupted by conflict in the region. Reuters cited data showing crude oil import volumes rose 5.5% from a year earlier, while the total value surged 87.8%.
Exports also climbed to an all time high, supported by a weaker yen and robust semiconductor-related demand tied to AI data centers. Reuters reported exports increased 23.2% year on year to a record 11.5 trillion yen, above the median market forecast of a 19.9% rise.
Reuters said the trade figures contributed to a July trade deficit of 634.5 billion yen, after imports outpaced exports. The outlet added that the persistence of wholesale inflation, alongside resilient exports, is expected to support the case for the Bank of Japan to continue normalising monetary policy, with a rate increase set to be considered as soon as September.
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