Japan April Trade Report

Japan recorded an unexpected trade surplus of ¥301.9 bn in April 2026 as export value grew 14.8%. The report highlights a 57% surge in crude oil unit prices which led to a 63.7% plunge in oil import volumes.

Key Takeaways

• 1.Japan's trade balance swung to a surplus of ¥301.9 bn in April 2026, significantly beating consensus forecasts for a deficit.
• 2.Crude oil import unit prices in yen surged 57% compared to February levels (pre-Middle East conflict), while import volumes plummeted by 63.7% yoy.
• 3.LNG import prices remained stable, rising only 4% in yen terms despite the broader Middle East tensions, though volumes dropped 20.6% yoy.

Table of Contents

• BOTTOM LINE
• JP MAP
• KEY NUMBERS
• MAIN POINTS
• The Japan Economics Team
• Disclosure Appendix
• Reg AC
• Disclosures
• Global product; distributing entities
• General disclosures

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