Japan's export growth eased slightly in August but remained at a high level, with shipments to the United States providing the main boost to overall gains.

The Ministry of Finance reported on Wednesday that exports rose 19.3% from a year earlier, cooling from a 23.2% increase in July but still beating the 18.4% median forecast by economists. Imports climbed 28%, surpassing the 26.3% estimate. The unadjusted trade deficit widened to 1.1 trillion yen, compared to a revised 6383 billion yen shortfall in July, marking the fourth consecutive month in the red.

Wednesday's release highlighted the impact of market swings on the trade balance. With oil prices remaining relatively high in August—Brent crude averaging around $88 per barrel—and the yen hovering near 160 per US dollar, the cost of crude imports was pushed up. Last week, Brent topped $100 a barrel amid increased attacks in the Strait of Hormuz and persistent US-Iran tensions.

Since the start of September, the yen has strengthened more than 3% against the dollar, making it the best-performing Asian currency during that period. By destination, exports to the US rose 24.9%, shipments to China were up 20.6%, and those to Europe gained 11%.