Goldman Sachs
May 28, 2026
Japan Machinery Automation Trade Statistics April 2026
Sector ReportEquitiesMacro Economic IndicatorsIndustrials
The report analyzes April 2026 Japanese trade statistics to estimate shipment volumes for Fanuc and Yaskawa Electric, noting a year-on-year volume increase but cooling month-on-month momentum in China.
Key Takeaways
- 1.April 2026 trade statistics show global robot export volume from Japan rose 41% yoy, though it fell 4% mom.
- 2.Fanuc's robot export momentum to China slowed (-14% mom), suggesting it lacks the sustained growth seen in other FA equipment.
- 3.Yaskawa Electric saw a significant improvement in exports to India, rising +140% mom, likely driven by specific automotive projects.
Table of Contents
- Robot export volume (Fanuc, Yaskawa Electric, and Japan overall)
- Vertical machining center export volume from Tokyo/Yokohama (assumes Fanuc accounts for the majority of export volume)
- Price Target Risks and Methodology - Yaskawa Electric (6506.T)
- Price Target Risks and Methodology - Fanuc (6954.T)
- Disclosure Appendix
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Authors
Yuichiro IsayamaTakeru AdachiTakato Enoki
Securities
69546506.T
Themes
Global Automation Demand IndicatorsChina Electronics and Smartphone Cycle
Regions
Asia PacificNorth AmericaEuropeJapanChinaUnited States