April’s surplus contrasts sharply with a JPY 149.5 billion deficit a year earlier and beats forecasts for a JPY 29.7 billion shortfall.
Japan recorded a trade surplus of JPY 301.9 billion in April 2026, reversing a JPY 149.5 billion deficit in the same month last year. The surplus surpassed expectations for a JPY 29.7 billion deficit, marking the largest surplus since November.
Exports drove the improvement, though core machinery orders and May PMI data showed declines. Analysts had anticipated weaker trade figures amid global demand concerns. The surplus suggests resilience in key export sectors despite broader economic softness.
Markets are assessing the mixed signals, with the surplus providing a temporary boost to sentiment while softer domestic data weighs on growth expectations.