Kuwait’s trade surplus with Japan more than halved in Nov: report

Down for 2nd month in row in wake of weak exports

TOKYO, Dec 18, (KUNA): Kuwait’s trade surplus with Japan fell 57.9 percent from a year earlier to JPY 28.4 billion (USD 259 million) in November, down for the second month in a row in the wake of weak exports, the Finance Ministry said Wednesday.

But Kuwait stayed in black ink with Japan for 11 years and 10 months, as exports still offset imports in value, the ministry said in a preliminary report.

Kuwaiti overall exports to Japan plunged 43.1 percent year-on-year to JPY 47.5 billion (USD 434 million) for the second straight month of decline. Imports from Japan jumped 19.1 percent to JPY 19.1 billion (USD 175 million), up for the second month.

Middle East’s trade surplus with Japan decreased 41.2 percent to JPY 489.3 billion (USD 4.5 billion) last month, with Japan-bound exports from the region falling 31.8 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 96.1 percent of the region’s total exports to Japan, slid 32.2 percent. The region’s overall imports from Japan grew 7.2 percent, thanks to strong demand for automobiles and steel.

Japan’s global trade balance returned to deficit in November, hurt by sluggish demand especially for vehicles, steel and construction equipment.

The world’s third-biggest economy marked the first trade red ink in two months at JPY 82.1 billion (USD 750 million). Exports declined 7.9 percent from the year before, chiefly due to weak shipments to China and the US amid a global economic slowdown. Imports tumbled 15.7 percent on lower prices of crude oil and petroleum 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.