— Kuwait’s trade surplus with Japan in October swelled 84.4 percent from a year earlier to JPY 123.7 billion (USD 887 million), up for the 19th consecutive month, as exports outpaced imports by a big margin, government data showed Thursday.

Kuwait posted black ink with Japan for 14 years and nine months, the Finance Ministry said in a preliminary report.

Overall exports from Kuwait to Japan soared 85.5 percent year-on-year to JPY 141.1 billion (USD 1.0 billion) for the 19th straight month of expansion.

Imports from Japan also jumped 93.6 percent to JPY 17.4 billion (USD 125 million), up for the sixth month in a row.

Middle East’s trade surplus with Japan surged 83.3 percent to JPY 1.1 trillion (USD 8.0 billion) last month, with Japan-bound exports from the region inflating 87.7 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 96.2 percent of the region’s total exports to Japan, soared 91.8 percent. The region’s overall imports from Japan jumped 107.3 (THIS FIGURE IS CORRECT) percent on robust demand for automobiles, machinery and manufactured goods.

The world’s third-biggest economy logged a global trade deficit of JPY 2.2 trillion (USD 15.5 billion) in October for the 15th straight month, as higher energy bills and the yen’s depreciation contributed to increase the value of its imports.

The figure marked the largest for the month of October since comparable data became available in 1979.

Exports grew 25.3 percent from the year before, buoyed by sales of cars, semiconductor production equipment and mineral fuels. But imports also grew 53.5 percent on surging energy prices, especially crude oil, LNG and coal.

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