TOKYO, Kuwait’s trade surplus with Japan fell 9.5 percent from a year earlier to JPY 42.7 billion (USD 398 million) in March, shrinking for the second month due to weak exports, the Finance Ministry said Wednesday. But Kuwait stayed in black ink with Japan for 10 years and two months, the ministry said in a preliminary report.
Kuwaiti overall exports to Japan edged up 0.3 percent year-on-year to JPY 60.2 billion (USD 546 million) for the second straight monthly fall, while imports from Japan jumped 36.4 percent to JPY 17.5 billion (USD 163 million), up for the fifth month. Middle East’s trade surplus with Japan grew 3.6 percent to JPY 585.7 billion (USD 5.5 billion) last month, with Japan-bound exports from the region increasing 5.4 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.8 percent of the region’s total exports to Japan, expanded 5.2 percent.
The region’s overall imports from Japan increased 9.3 percent, thanks to robust shipments of automobile and machinery.
The world’s third-biggest economy posted a global surplus of JPY 797.3 billion (USD 7.5 billion) in March, marking a second straight month of black ink on sluggish shipments.
Overall exports grew 2.1 percent, as shipments of hybrid cars to the US and semiconductor-related equipment to China increased.
Imports declined 0.6 percent, reflecting weak demand for clothes 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