Kuwait’s trade surplus with Japan up 1st time in two months

TOKYO, Kuwait’s trade surplus with Japan jumped 44.4 percent from a year earlier to JPY 70.9 billion (USD 641 million) in April, expanding for the first time in two months buoyed by strong exports, the Finance Ministry said Wednesday.

Kuwait recorded black ink with Japan for 11 years and three months, the ministry said in a preliminary report. Kuwaiti overall exports to Japan surged 31.8 percent to JPY 84.4 billion (USD 764 million) for the first rise in two months. Imports from Japan declined 9.6 percent year-on-year to JPY 13.6 billion (USD 123 million), down for the second month.

Middle East’s trade surplus with Japan grew 9.3 percent to JPY 632.7 billion (USD 5.7 billion) last month, with Japan-bound exports from the region increasing 3.3 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, went up 3.1 percent. The region’s overall imports from Japan slid 14.7 percent, chiefly due to weak demand for automobiles, electric equipment and machinery.

The world’s third-biggest economy posted a global surplus of JPY 60.4 billion (USD 547 million) in April, marking the third straight month of black ink.

But the figure was sharply down 90.3 percent from a year earlier on sluggish exports to China amid US-China trade tensions. Overall exports fell 2.4 percent, as shipments of semiconductor-related equipment and vessels dropped, while imports rose 6.4 percent due to higher crude oil import bill. 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