TOKYO, Kuwait’s trade surplus with Japan surged 63.1 percent from a year earlier to JPY 69.3 billion (USD 630 million) in January, up for the second month in a row, as exports offset imports in value, the Finance Ministry said Wednesday.
Kuwait recorded black ink with Japan for 12 years on a monthly basis, the ministry said in a preliminary report.
Kuwaiti overall exports to Japan jumped 54.2 percent to JPY 85.1 billion (USD 773 million) for the second straight month of expansion. Imports from Japan rose 24.5 percent year-on-year to JPY 15.8 billion (USD 143 million), up for the third month.
Middle East’s trade surplus with Japan expanded 8.3 percent to JPY 635.2 billion (USD 5.8 billion) last month, with Japan-bound exports from the region increasing 8.3 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.9 percent of the region’s total exports to Japan, grew 8.9 percent.
The region’s overall imports from Japan also rose 8.4 percent, thanks to robust demand for automobiles, steel and machinery.
Japan posted a global trade deficit of JPY 1.3 trillion (USD 11.9 billion) in January for the third consecutive month of red ink on a fall in exports to China and the US amid the slowdown in the global economy.
Exports from the world’s third-biggest economy shrank 2.6 percent on the year, chiefly due to weak sales of automobiles, construction machinery and metal-working machinery. Imports also went down 3.6 percent on lower prices of LNG and telecommunication equipment. 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