Japanese automakers’ exports climbed 12.2% on a year earlier in February, Panjiva analysis of company financial statements shows. That was the fourth straight month of growth, and the fastest rate of expansion since November 2015. Toyota led the way with a 21.0%, accounting for 68.6% of the growth in absolute terms, followed by a 29.7% growth from Mitsubishi. The increase in exports reflects a weaker domestic market, however, with total production in Japan from the big seven only increasing by 0.1% on a year earlier.

Chart shows total auto exports from Japan by the seven largest automakers (Honda, Mazda, Mitsubishi, Nissan, Subaru, Suzuki and Toyota). Calculations based on company financial reports. Source: Panjiva

The increased exports were likely targeted disproportionately to the United States. Panjiva data shows U.S. imports in February likely rose 19.8% on a year earlier (including seaborne shipment data) to 254k vehicles. That marks a significant turnaround from the 1.1% drop a month earlier. It would also suggest exporters expect a recovery in demand for passenger vehicles despite a 2.4% drop in sales in the three months to February 28, as outlined in Panjiva research of March 2.

Chart compares U.S. passenger vehicle imports by from Japan to global exports by Japanese manufacturers. Most recent month based on seaborne data. Calculations include company financial data for the big seven Japanese automakers. Source: Panjiva