TOKYO, Kuwait’s trade surplus with Japan jumped 48.9 percent from a year earlier to JPY 47.8 billion (USD 424 million) in October, up for the first time in two months buoyed by strong exports, the Japanese Finance Ministry said Monday.
Kuwaiti overall exports to Japan soared 43.9 percent year-on-year to JPY 65.7 billion (USD 583 million) for the fifth consecutive month of rise, the ministry said in a preliminary report.
Imports from Japan also grew 32.1 percent to JPY 17.9 billion (USD 159 million), also expanding for the fifth month. As exports increased by a wider margin than imports, Kuwait maintained monthly black ink with Japan for 10 years and nine months.
Middle East’s trade surplus with Japan surged 43.8 percent to JPY 697.7 billion (USD 6.2 billion) last month, with Japan-bound exports from the region increasing 33.7 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.2 percent of the region’s total exports to Japan, rose 33.1 percent.
The region’s overall imports from Japan expanded 9.3 percent, chiefly due to robust demand for cars and machinery.
Japan’s global trade balance returned to deficit in October, as higher energy cost pushed up import bills. The world’s third-biggest economy posted the first trade red ink in two months at JPY 449.3 billion (USD 4.0 billion) last month.
Overall exports gained 8.2 percent from the year before, thanks to strong shipment of automobiles and electronic components. But Imports jumped 19.9 percent, with value of crude oil inflating 33.7 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