Kuwait’s trade surplus with Japan more than tripled from a year earlier to JPY 112.9 billion (USD 841 million) in May, buoyed by high export bills, government data showed Thursday. The surplus swelled by 202.7 percent, up for the 14th consecutive month, and Kuwait posted black ink with Japan for 14 years and four months, the Finance Ministry said in a preliminary report. Kuwaiti overall exports to Japan soared 177.8 percent year-on-year to JPY 127.3 billion (USD 948 million), for the 14th straight month of expansion, imports from Japan also jumped 69.0 percent to JPY 14.4 billion (USD 107 million) for the first increase in two months.
Middle East’s trade surplus with Japan inflated 155.8 percent to 1.1 trillion (USD 8.0 billion) last month, with Japan-bound exports from the region jumping 129.7 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.6 percent of the region’s total exports to Japan, grew 136.7 percent. The region’s overall imports from Japan also expanded 43.4 percent on demand for automobiles, manufactured goods, machinery and electrical machinery.
The world’s third-biggest economy logged a global trade deficit of JPY 2.4 trillion (USD 17.8 billion) in May for the 10th straight month, as surging energy bills and a weaker yen continued to push up the value of its imports. Exports rose 15.8 percent from the year before, thanks to robust shipments of steel, mineral fuels and semiconductor components. Imports jumped 48.9 percent on higher energy prices, especially 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