— Kuwait’s trade surplus with Japan tumbled 45.7 percent from a year earlier to JPY 25.5 billion (USD 235 million) in March, down for the 12th month in a row due to sluggish exports, government data showed Monday.
But Kuwait stayed in black ink with Japan for 13 years and two months on a monthly basis, as exports still offset imports in value, the Finance Ministry said in a preliminary report.
Kuwaiti overall exports to Japan fell 22.5 percent year-on-year to JPY 50.6 billion (USD 466 million) for the 12th straight month of decline. Imports from Japan jumped 37.0 percent to JPY 25.1 billion (USD 231 million), up for the first time in 11 months.
Middle East’s trade surplus with Japan decreased 18.1 percent to JPY 381.2 billion (USD 3.5 billion) last month, with Japan-bound exports from the region sliding 11.8 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 93.2 percent of the region’s total exports to Japan, declined 14.1 percent.
The region’s overall imports from Japan edged up 0.6 percent on demand for electrical machinery, manufactured goods and machinery.
The world’s third-biggest economy posted a global surplus of JPY 663.7 billion (USD 6.1 billion) in March, the second consecutive month of black ink.
Exports grew 16.1 percent from the year before, the sharpest increase since November 2017, buoyed by recovery in global economy.
Imports rose 5.7 percent. 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