Japan’s exports to China fell 10.9% in February

According to preliminary trade statistics released by Japan’s Ministry of Finance on March 18, the trade surplus (exports minus imports) for February was ¥57.2 billion, a decrease of 89.8% compared to the same period last year. This marks the first surplus in two months. Exports to the US declined for the third consecutive month, but exports of electronic components such as chips to Asia increased.

February exports increased by 4.2% year-on-year to ¥9.5715 trillion, marking the sixth consecutive month of increase and setting a new record for February. Exports of electronic components such as ICs and chips, as well as mineral fuels, to Asia increased.

Imports increased by 10.2% to ¥9.5143 trillion. Imports of crude oil and other crude oil products decreased by 4.2% to ¥756.3 billion, while the quantity increased by 16.4%. The average price in US dollar terms was $65.7 per barrel, a decrease of 18.3% year-on-year, and the price in yen terms also decreased by 17.7%.

By country and region, exports to the United States totaled ¥1.7528 trillion, a decrease of 8.0% compared to the same month last year, marking the third consecutive month of decline. Affected by the tariff policies of the Trump administration, automobile exports to the US decreased by 14.8%, falling to ¥470.6 billion. The average unit price per vehicle decreased by 10.6%, falling to ¥4 million, marking the 12th consecutive month of decline.

In February, Japan’s exports to China decreased by 10.9%, falling to ¥1.3696 trillion. This was the first decline in three months. Exports of manufacturing equipment such as chips and plastics decreased. Imports from China increased by 35.4%, reaching ¥2.3368 trillion. The Lunar New Year in 2025 begins in January, while this year it begins in February, resulting in a difference in holiday timing. During the long holiday, local logistics and factory operations were suspended, leading to a slowdown and significant fluctuations in Japan’s exports to China.