Kuwait’s trade surplus with Japan more than doubles

TOKYO, Kuwait’s trade surplus with Japan more than doubled to JPY 71.8 billion (USD 637 million) from a year earlier in August, as exports remained strong, the Finance Ministry said.

The surplus soared by 101.2 percent, up for the third month in a row, the ministry said in a preliminary report.

Kuwaiti overall exports to Japan surged 88.2 percent year-on-year to JPY 85.9 billion (USD 761 million) for the third consecutive month of increase. Imports from Japan jumped 41.4 percent to JPY 14.0 billion (USD 124 million), also growing for the third month.

As exports outpaced its imports by a big margin, Kuwait maintained monthly black ink with Japan for 10 years and seven months.

Middle East’s trade surplus with Japan inflated 75.3 percent to JPY 850.7 billion (USD 7.5 billion) last month, with Japan-bound exports from the region rising 56.4 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 96.7 percent of the region’s total exports to Japan, expanded 59.2 percent. The region’s overall imports from Japan rose 3.9 percent on the back of robust demand for vehicles.

Japan logged a trade deficit of JPY 444.6 billion (USD 3.9 billion) with the rest of the world in August for the second straight month, as higher energy cost pushed up import bills.

Overall exports from the world’s third-biggest economy gained 6.6 percent from the year before, buoyed by increased shipment of semiconductor-related equipment, automobiles and ships.

But Imports gained 15.4 percent, with value of crude oil to Japan swelling 59.6 percent amid rising global market prices.

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