An exhaust system for a straddle-type vehicle that achieves miniaturization while meeting a demand for noise reducing characteristics. The exhaust system is connectable to an engine, and includes an exhaust pipe connectable to the engine and a silencer. The exhaust system further comprises a tail pipe inserted into the silencer 10. The silencer comprises an outer housing and an inner core accommodated in the outer housing. An air space is provided between the tail pipe and the inner core.