Japan's exports surged in March, continuing the strong momentum from the previous month and driving the country to achieve a trade surplus, as demand from its largest markets—namely, the United States and China—remains robust.

Customs data shows that exports in March grew by 7.3% year-on-year. This figure surpassed expectations of 7.0% and remained close to the previous month's increase of 7.8%.

The strong exports propelled Japan's trade balance to a surplus of 366.5 billion yen (approximately 2.37 billion US dollars), surpassing the expected surplus of 345.5 billion yen and exceeding last month's deficit of 377.8 billion yen.

Continued stimulus measures in China helped stimulate some improvement in local demand, while recent inflation and retail data indicate ongoing strong consumption in the United States.

The weakening yen also led to increased demand for Japanese goods, with the USD/JPY exchange rate reaching its highest level since 1990.

The shift to a trade surplus is also partly due to a decline in Japan's imports, which fell by 4.9% in March. Although slightly lower than the expected 5.1% decrease, it represents a significant reversal from the 0.5% growth seen last month.

In recent months, Japanese demand has cooled somewhat due to soaring inflation and tepid wage growth. However, this trend is expected to change, particularly as Japan's major unions secure significant wage increases in 2024.

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