Kuwait’s trade surplus with Japan narrowed 11.1 percent from a year earlier to JPY 57.9 billion (USD 375 million) in July, down for the first time in three months due to slowing exports, government data showed on Wednesday.
However, Kuwait stayed in black ink with Japan for 16 years and six months, as exports still offset imports in value, the Finance Ministry said in a preliminary report. Overall Kuwaiti exports to Japan fell 5.1 percent year-on-year to JPY 82.3 billion (USD 542 million) for the first decline in three months. Imports from Japan grew 13.0 percent to JPY 24.4 billion (USD 156 million), up for the third month in a row.
Middle East’s trade surplus with Japan widened 7.4 percent to JPY 733.9 billion (USD 5.0 billion) last month, with Japan-bound exports from the region rising 11.8 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.3 percent of the region’s total exports to Japan, increased 10.8 percent. The
region’s overall imports from Japan jumped 22.1 percent on demand for automobiles, machinery and steel.
Japan’s global trade balance returned to deficit in July with JPY 621.8 billion (USD 4.3 billion), as the weaker yen contributed to increase the value of its imports. Exports grew 10.3 percent, buoyed by shipments of semiconductors and related equipment, and automobiles. Imports soared 16.6 percent, as pharmaceutical products, communication devices and crude oil inflated costs amid the yen’s depreciation against the dollar. Both exports and imports marked the largest amount for the month of July since comparable data became available in 1979. 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