Tuesday , October 23 2018

Kuwait’s trade surplus with Japan soars – Mideast shortfall jumps to 77 pct

TOKYO, Nov 20, (KUNA): Kuwait’s trade surplus with Japan expanded by 64.4 percent from a year earlier to JPY 32.1 billion ($287 million) in October, up for the 10th month, thanks to robust exports, the Japanese Finance Ministry said Monday.

Kuwaiti overall exports to Japan jumped 25.1 percent year-on-year to JPY 45.7 billion ($408 million) for the 10th consecutive month of rise, the ministry said in a preliminary report. Imports from Japan slid 20.1 percent to JPY 13.5 billion ($121 million) for the fifth straight monthly fall. As a result, Kuwait maintained monthly black ink with Japan for nine years and nine months, it said.

Middle East’s trade surplus with Japan soared 77.0 percent to JPY 484.1 billion ($4.3 billion) last month, with Japan-bound exports from the region jumping 42.0 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.7 percent of the region’s total exports to Japan, jumped 42.8 percent.

The region’s overall imports from Japan declined 3.9 percent, chiefly due to weak shipments of automobile, machinery and steel.

The world’s third-biggest economy logged a global surplus of JPY 285.4 billion ($2.5 billion) in October, marking the fifth consecutive month of black ink, buoyed by strong demand overseas for large automobiles, semiconductor-making equipment and organic chemicals.

Overall exports gained 14.0 percent from the year before, while imports grew 18.9 percent, with value of crude oil surging 43.0 percent.

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.

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