Japanese outbound shipments increased by 11.7% year-over-year in March, representing the second-highest growth rate recorded since May 2024. This performance marks a significant expansion compared to the 4.0% growth rate observed during the previous month of February.
Trade activity with China served as the primary catalyst for the overall surge, with exports to the region climbing 17.7%. The growth in Chinese trade was largely propelled by high demand for semiconductors and electronic components. These gains occurred despite ongoing geopolitical instability surrounding the conflict in Iran.