According to Japanese customs data, in September 2026, Japan's NAND-related export basket saw a 134.8% year-on-year increase in export value to US$2.474 billion, with the export unit price rising by 137.6% year-on-year. Based on the increases in export value and unit price, this implies a year-on-year decrease in export volume of approximately 1.2%, meaning that this round of export growth was almost entirely driven by price increases, rather than an expansion in shipment volume. South Korean semiconductor industry observer J2Wick points out that rising memory chip prices are significantly boosting revenue across the industry chain. For NAND suppliers like Kioxia, the pricing power resulting from tight supply is a key driver of the current cycle; however, this also means that if supply and demand ease and unit prices fall in the future, even if shipment volume remains stable, export value and profits may still face significant pressure.
