An exhaust system for a straddle-type vehicle, such as a motorcycle, which achieves miniaturization and also provides a reduced noise output. The exhaust system is connectable to an engine of an associated vehicle and includes an exhaust pipe and a silencer. The silencer comprises an outer housing and an inner core accommodated in the outer housing. A sound absorbing material is arranged on an outer surface of a side wall of the inner core in a manner to come into close contact therewith. An air space is provided between an outer surface of the sound absorbing material and an inner surface of the outer housing.