Kuwait’s trade surplus with Japan plummeted 77.5 percent from a year earlier to JPY 13.4 billion (USD 127 million) in August, down for the fifth consecutive month on sluggish export performance, government data showed Wednesday.
But Kuwait stayed in black ink with Japan for 12 years and seven months, as exports still outpaced its imports by a big margin, according to a preliminary report by the Finance Ministry.
Kuwaiti overall exports to Japan tumbled 71.7 percent year-on-year to JPY 19.9 billion (USD 189 million) for the fifth monthly decline. Imports from Japan also plunged 38.7 percent to JPY 6.4 billion (USD 61 million), down for the fourth month.
Middle East’s trade surplus with Japan dived 49.8 percent to JPY 272.9 billion (USD 2.6 billion) last month, with Japan-bound exports from the region falling 48.0 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.3 percent of the region’s total exports to Japan, shrank 48.5 percent.
The region’s overall imports from Japan decreased 42.9 percent, chiefly due to weak sales of automobiles, machinery, steel and electric equipment.
The world’s third-biggest economy posted a global surplus of JPY 248.3 billion (USD 2.4 billion) in August, marking the second straight month of black ink.
However, overall exports slumped 14.8 percent from the year before, as global demand, especially motor vehicles, mineral fuels and vessels was weak amid the coronavirus pandemic.
Imports also slid 20.8 percent on cheaper energy bills, such as 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