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Japan’s exports climbed for the sixth consecutive month in March, driven by a surge in car and electronic component shipments amid escalating U.S. tariff threats. According to Japan’s Ministry of Finance, exports rose 3.9% year-on-year, slightly below the 4.5% market forecast and down from February’s 11.4% gain.
The increase came as U.S. President Donald Trump imposed a 25% tariff on car and truck imports and proposed a sweeping 24% tariff on all Japanese goods, later reduced to 10% for a 90-day period. In response, Japanese manufacturers rushed to export vehicles and electronics to the U.S., their largest trading partner. March exports to the U.S. rose 3.1% compared to a year earlier, while shipments to China dropped 4.8%.
Imports also grew, rising 2% year-on-year, missing analysts’ expectations of 3.1%. This resulted in a trade surplus of 544.1 billion yen ($3.84 billion), beating forecasts of 485.3 billion yen.
Automobiles, Japan’s top export, remain at the center of U.S.-Japan trade tensions. In 2024, Japan exported goods worth 21 trillion yen to the U.S., with vehicles accounting for about 28% of that total. Japan produces 9 million cars domestically each year and ships 1.5 million to the U.S., in addition to 1.4 million vehicles exported from Mexico and Canada by Japanese automakers.
With the looming threat of prolonged tariffs, automakers are adjusting production strategies. Nissan announced it will reduce domestic production of the Rogue SUV, its top-selling U.S. model, from May through July to mitigate potential impacts from the shifting trade landscape.
Negotiations between the U.S. and Japan are ongoing, with Trump citing "big progress" after a surprise meeting with Japanese officials in Washington.
