Kuwait trade surplus with Japan narrows

TOKYO- Kuwait’s trade surplus with Japan narrowed 20.2 percent in April to JPY 96.6 billion (USD 955 million) from a year earlier, shrinking for the first time in two months as imports soared, Kuwait News Agency, KUNA, quoted the Finance Ministry as saying on Wednesday. 

Kuwait still maintained black ink with Japan for the 75th consecutive month, the ministry said in a preliminary report.

Kuwaiti overall exports to Japan fell 15.2 percent year-on-year to JPY 111.1 billion (USD 1.1 billion) for the first decline in two months, while imports from Japan jumped 45.4 percent to JPY 14.5 billion (USD 143 million), up for the 12th straight month.

Middle East trade surplus with Japan also shrank 12.4 percent to JPY 1.003 trillion (USD 9.9 billion) last month, with Japan-bound exports from the region falling 6.9 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which accounted for 97.4 percent of the region’s total exports to Japan, slid 7.8 percent. The region’s overall imports from Japan expanded 25.6 percent, however, thanks to robust shipments of automobile, machinery, and steel goods.-WAM