Economy·October 21, 2026 at 9:26 AM EDT·2 sources
Japan’s trade deficit hits record $17.8 billion as Iran war sends oil import prices soaring
Middle East share of crude importsmore than 90%
Import growth20.4%
Export growth18.4%
What happened
- Japan recorded a $17.8 billion trade deficit, or 2.82 trillion Japanese yen, from April to September—almost double the prior year’s deficit.
- Exports rose 18.4%, while imports increased 20.4% during the first half of fiscal 2026, according to provisional Finance Ministry data.
- Petroleum import volumes fell 21.2%, but their value rose 26.3%; LNG volumes fell 8.4%, while import value increased 13.5%.
Trade deficit
$17.8 billion (2.82 trillion Japanese yen)
Export growth
18.4%
Import growth
20.4%
Middle East share of crude imports
more than 90%
Why it matters
The data highlights Japan’s exposure to energy-price, shipping and insurance shocks, with implications for corporate costs, inflation, trade balances and energy-security policy.
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Timeline
- First reported by FortuneOct 21Japan’s trade deficit hits record $17.8 billion as Iran war sends oil import prices soaring
- OilPrice.com reportsOct 21Japan’s Trade Deficit Doubles as Hormuz Crisis Hikes Energy Import Costs
Sources (2)
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