Kuwait's trade surplus with Japan widens
Kuwait maintained black ink with Japan for the 79th consecutive month thanks to strong exports, the Finance Ministry said in a preliminary report.
Kuwaiti overall exports to Japan increased 4.3 percent to JPY 107.3 billion (USD 986 million) for the third consecutive monthly rise, and imports from Japan gained 37.9 percent year-on-year to JPY 12.9 billion (USD 119 million), up for the second month, KUNA reported citing the Japanese ministry figures.
Middle East's trade surplus with Japan also expanded 1.1 percent to JPY 1.142 trillion (USD 10.5 billion) last month, with Japan-bound exports from the region growing 2.1 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 97.5 percent of the region's total exports to Japan, grew 1.5 percent.
The region's overall imports from Japan rose 8.1 percent, thanks to robust shipments of automobile, electric equipment and steel. Japan's global deficit narrowed in August for second straight month as imports declined.
The world's third-biggest economy posted a trade deficit of JPY 948.5 billion (USD 8.7 billion), down 2.4 percent on the year. But it still marked the 26th consecutive month of shortfall, the longest losing streak since comparable data became available in January 1979.
Overall exports fell 1.3 percent to JPY 5.706 trillion (USD 52.4 billion), down for the first time in two months, chiefly due to weaker demand for automobiles and organic compounds. Imports also shrank 1.5 percent to JPY 6.654 trillion (USD 61.2 billion), down for the first time in three months, as fossil fuel imports slid on lower electricity demand. ■