Japan’s export momentum eased markedly in February 2026, with year-over-year growth slowing to 4.2%, according to data updated on 17 March 2026. This represents a significant deceleration from January 2026, when exports had surged 16.8% compared with a year earlier.
The figures are based on year-over-year comparisons, with each month’s performance measured against the same month of the previous year. While exports continued to grow in February, the steep drop from January’s pace suggests that the strong external demand or favorable base effects that helped drive earlier gains have begun to fade.
The softer export growth in February may temper expectations for Japan’s trade-led support to the economy in early 2026, and will likely be watched closely by markets and policymakers for signs of whether this is a temporary pause or the start of a more prolonged moderation in external demand.
