Kuwait’s trade surplus with Japan plummeted 44.1 percent from a year earlier to JPY 23.2 billion (USD 223 million) in October, down for the seventh straight month due to sluggish exports, government data showed Wednesday.
However, Kuwait stayed in black ink with Japan for 12 years and nine months, as exports still offset imports in value, the Finance Ministry said in a preliminary report.
Overall Kuwaiti exports to Japan tumbled 40.8 percent year-on-year to JPY 37.0 billion (USD 356 million) for the seventh monthly decline. Imports from Japan shrank 34.2 percent to JPY 13.8 billion (USD 133 million), down for the sixth month.
Middle East’s trade surplus with Japan plunged 40.2 percent to JPY 259.8 billion (USD 2.5 billion) last month, with Japan-bound exports from the region sliding 36.8 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 93.3 percent of the region’s total exports to Japan, dived 38.3 percent. The region’s overall imports from Japan fell 30.3 percent, due to declining sales of automobiles, machinery and steel.
The world’s third-biggest economy posted a global surplus of JPY 872.9 billion (USD 8.4 billion) in October, marking the fourth straight month of black ink.
Overall exports edged down 0.2 percent from the year before on slumping demand of mineral fuels, vessels and steel amid the coronavirus pandemic.
Imports also dropped 13.3 percent on falling energy bills, mainly crude oil 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