Kuwait’s trade surplus with Japan narrowed 33.4 percent from a year earlier to JPY 67.9 billion (USD 487 million) in June, down for the third consecutive month due to weak exports, government data showed on Thursday.
But Kuwait stayed in black ink with Japan for 15 years and five months, as exports offset imports in value, the Finance Ministry said in a preliminary report.
Overall Kuwaiti exports to the world’s third-biggest economy plunged 22.7 percent year-on-year to JPY 93.0 billion (USD 667 million), down for the second straight month. Imports from Japan jumped 36.4 percent to JPY 25.1 billion (USD 180 million), up for the 14th month in a row.
Middle East’s trade surplus with Japan narrowed 47.8 percent to JPY 606.9 billion (USD 4.4 billion) last month, with Japan-bound exports from the region sliding 35.4 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.7 percent of the region’s total exports to Japan, plunged 35.5 percent. The region’s overall imports from Japan jumped 30.0 percent on demand for automobiles and machinery.
Japan’s global trade balance returned to surplus for the first time in 23 months at JPY 43.0 billion (USD 300 million) in June, thanks to robust exports to the US and lower energy bills.
Exports increased 1.5 percent from the year before buoyed by shipments of automobiles, construction and mining machines, and semiconductor production equipment.
Imports shrank 12.9 percent as energy prices, especially crude oil, coal and LNG went declined. China remained Japan’s biggest trade partner, followed by the US. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.
Source: Kuwait News Agency