– Kuwait’s trade surplus with Japan almost doubled from a year earlier to JPY 37.3 billion (USD 339 million) in May, fueled by brisk export performance, government data showed Wednesday.
The surplus surged by 102.1 percent, up for the second consecutive month, and Kuwait recorded black ink with Japan for 13 years and four months, the Finance Ministry said in a preliminary report.
Kuwaiti overall exports to Japan soared 87.9 percent year-on-year to JPY 45.8 billion (USD 416 million) for the second monthly expansion. Imports from Japan also grew 43.7 percent to JPY 8.5 billion (USD 78 million), up for the third month in a row.
Middle East’s trade surplus with Japan surged 193.6 percent to JPY 418.1 billion (USD 3.8 billion) last month, with Japan-bound exports from the region jumping 141.0 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 91.8 percent of the region’s total exports to Japan, inflated 151.8 percent. The region’s overall imports from Japan also rose 51.4 percent on demand for automobiles and machinery.
Japan’s global trade balance returned to deficit in May, marking the first red ink in four months at JPY 187.2 billion (USD 1.7 billion).
Exports from the world’s third-biggest economy grew 49.6 percent from the year before, the sharpest increase since April 1980, thanks to robust shipments of cars and auto parts to the US and China.
Imports also expanded 27.9 percent on higher crude oil prices and a rise in purchases of COVID-19 vaccines.
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