AI Data Insight
Japan's total imports in the second quarter (Q2) of 2026 reached a year-over-year growth rate of 9.7%. Although this is a slight pullback from the previous 10.9%, it still significantly beat the market expectation of 8.3%. A surge in imports of semiconductor equipment and raw materials became the main support, while the war in the Middle East led to the largest drop in crude oil import volume in over 40 years. Looking ahead, energy price volatility will be the greatest test for the trade balance.