Kuwait’s trade surplus with Japan swelled more than 1.5 times from a year earlier to JPY 101.9 billion (USD 735 million) in June on brisk exports, government data showed Thursday.

The surplus soared by 161.2 percent, up for the 15th consecutive month, and Kuwait posted black ink with Japan for 14 years and five months, the Finance Ministry said in a preliminary report.

Kuwaiti overall exports to Japan surged 123.4 percent year-on-year to JPY 120.3 billion (USD 868 million), for the 15th straight month of expansion. Imports from Japan grew 24.0 percent to JPY 18.4 billion (USD 133 million), up for the second straight month.

Middle East’s trade surplus with Japan skyrocketed by 173.0 percent to JPY 1.2 trillion (USD 8.4 billion) last month, with Japan-bound exports from the region jumping 125.2 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.8 percent of the region’s total export bills to Japan, inflated 129.5 percent. The region’s overall imports from Japan rose 16.9 percent on demand for steel and machinery.

The world’s third-biggest economy logged a global trade deficit of JPY 1.4 trillion (USD 10.0 billion) in June for the 11th straight month, as surging energy bills and a weaker yen continued to push up the value of its imports.

Exports increased 19.4 percent from the year before, thanks to robust sales of mineral fuels, steel and semiconductor components. Imports jumped 46.1 percent on higher energy prices, such as crude oil, coal and LNG.

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