Japan's exports rose 23.2% year-on-year in July, marking the 11th straight month of growth and the fifth month of acceleration, according to government data released August 20, 2026. Semiconductor equipment shipments increased 49.1%, with gains to both China and the United States, while the country recorded its third consecutive monthly trade deficit driven by higher petroleum imports. Quarterly GDP expanded 0.7% year-on-year in the second quarter after 0.5% growth in the first quarter.