May 21 (Reuters) – Japanese exports rose for an eighth straight month in April, government data showed on Thursday, reflecting resilient global demand despite major supply disruptions caused by the U.S.-Israeli war with Iran.
The outcome follows separate data on Tuesday showing Japan’s economy grew at a faster-than-expected annualised pace of 2.1% in the first quarter of 2026, driven by solid exports and consumption, though the momentum is likely to face a severe test this quarter.
Total exports by value rose 14.8% from a year earlier in April, data showed, more than a median market forecast for a 9.3% increase and following a revised 11.5% jump in March.
Exports to the U.S. rose 9.5% from a year earlier, while those to China were up 15.5%, the data showed.
Imports grew 9.7% from a year earlier, compared with market expectations for an 8.3% increase. That was despite a 64% plunge in crude oil imports, marking the steepest drop since 1980, a finance ministry official said. An increase in crude oil imports from the U.S. offset part of that.
As a result, Japan ran a trade surplus of 301.9 billion yen ($1.90 billion), compared with the forecast of a deficit of 29.7 billion yen.
Even though the closure of the Strait of Hormuz boosted energy costs and caused supply disruptions for oil and other inputs, exports remained relatively firm as domestic production continued to rely on existing inventories, supported by Japan’s large strategic oil reserves.
Looking ahead, however, prolonged disruptions to Middle Eastern supply routes could weigh on both imports and exports by raising production costs and slowing global demand, particularly in energy-intensive sectors like chemicals, analysts said.
($1 = 158.8800 yen)
(Reporting by Takaya Yamaguchi, writing by Makiko Yamazaki and Kaori Kaneko; Editing by Thomas Derpinghaus and Chang-Ran Kim)
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