Kuwait’s trade surplus with Japan widened 15.0 percent from a year earlier to JPY 76.9 billion (USD 521 million) in August, up for the first time in two months buoyed by strong exports, government data showed on Wednesday.
Kuwait stayed in black ink with Japan for 16 years and seven months, the Finance Ministry said in a preliminary report.
Overall Kuwaiti exports to Japan grew 11.8 percent year-on-year to JPY 98.4 billion (USD 673 million) for the first increase in two months. Imports from Japan rose 1.9 percent to JPY 21.5 billion (USD 142 million), up for the fourth month in a row.
Middle East’s trade surplus with Japan narrowed 4.8 percent to JPY 852.2 billion (USD 6.0 billion) last month, with Japan-bound exports from the region sliding 1.0 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.7 percent of the region’s total exports to Japan, fell 2.3 percent.
The region’s overall imports from Japan expanded 12.8 pe
rcent on demand for automobiles and machinery.
The world’s third-biggest economy logged a global trade deficit of JPY 695.3 billion yen (USD 4.9 billion) in August for the second straight month, as a weaker yen continued to push up the value of its imports. Exports rose 5.6 percent from the year before, thanks to shipment for semiconductor-making equipment and related parts.
Imports grew 2.3 percent as pharmaceutical and oil products inflated costs amid the yen’s depreciation against the dollar pharmaceutical and oil products.
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