Japan posts record exports yet wider trade deficit for fourth month

Attacks escalated in the Strait of Hormuz last week, pushing Brent Crude above $100 a barrel as the U.S. and Iran positioned for a protracted conflict. On September 16, 2026, Japan's Ministry of Finance released August trade statistics showing exports at a monthly record while the trade gap widened for a fourth straight month. Semiconductor-related shipments led the export gains; higher crude costs drove the import bill and the shortfall. Atsushi Takeda, chief economist at Itochu Research Institute, said elevated crude oil prices are pushing up import costs and widening the trade deficit. Oil had averaged roughly $88 a barrel in August before the latest climb. Export growth slowed from July's pace but still beat the market consensus near 18 percent, and import growth also ran ahead of forecasts. Interior Secretary Doug Burgum addressed market speculation that the U.S. might ban fuel exports, saying if officials thought banning exports would actually lower prices they would consider it, but that is not the case. What is contested: no contested facts found; sources describe the same deficit with only rounding differences.