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Kuwait’s October trade surplus with Japan almost double

Kuwait’s trade surplus with Japan in October nearly doubled from a year earlier to JPY 67.0 billion (USD 583 million) as exports remained strong, government data showed Wednesday.

The surplus soared by 189.1 percent, up for the seventh consecutive month, and Kuwait posted black ink with Japan for 13 years and nine months, the Finance Ministry said in a preliminary report.

Kuwaiti overall exports to Japan surged 105.4 percent year-on-year to JPY 75.9 billion (USD 661 million) for the seventh straight month of expansion. Imports from Japan fell 35.0 percent to JPY 9.0 billion (USD 78 million), down for the second month.

Middle East’s trade surplus with Japan swelled 134.8 percent to JPY 610.6 billion (USD 5.3 billion) last month, with Japan-bound exports from the region jumping 78.9 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.2 percent of the region’s total exports to Japan, inflated 80.6 percent. The region’s overall imports from Japan declined 12.9 percent on sluggish car shipments.

Japan posted a global trade deficit of JPY 67.4 billion 6 (USD 587 million) in October, marking the third monthly red ink, as car exports plunged 36.7 percent due to supply chain disruptions in Southeast Asia.

However, overall exports from the world’s third-biggest economy still grew 9.4 percent from a year earlier, thanks to robust demand of steel, semiconductor production equipment and mineral fuels. Imports also rose 26.7 percent on higher bills of crude oil, coal and LNG.

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

ANE