Kuwait’s Trade Surplus with Japan Up for 1st Time in Three Months

Tokyo, – Kuwait’s trade surplus with Japan skyrocketed by 112.4% from a year earlier to JPY 49.2 billion (USD 435 million) in January, expanding for the first time in three months, thanks to robust exports, the Japanese Finance Ministry said Monday. K…

Tokyo, – Kuwait’s trade surplus with Japan skyrocketed by 112.4% from a year earlier to JPY 49.2 billion (USD 435 million) in January, expanding for the first time in three months, thanks to robust exports, the Japanese Finance Ministry said Monday. Kuwait maintained monthly black ink with Japan for nine years, the ministry said in a preliminary report.

Kuwaiti overall exports to Japan jumped 54.8% year-on-year to JPY 63.5 billion for the first rise in three months, while imports from Japan shrank 19.7% to JPY 14.3 billion, down for the fifth month in a row, Kuwait News Agency (KUNA) reported.

Middle East’s trade surplus with Japan grew 56.9% to JPY 564.2 billion last month, with Japan-bound exports increasing 28.2% from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.7% of the region’s total exports to Japan, jumped 30.5%. The region’s overall imports from Japan slid 19.4%, reflecting weak shipments of automobile, machinery and steel.

Japan’s global trade balance returned to deficit in January, as higher oil prices pushed up import bills. The world’s third-biggest economy posted the first trade red ink in five months at JPY 1.087 trillion.

Source: Qatar News Agency