Kuwait’s trade surplus with Japan more than double in March, shows govt data

‘Surplus surges by 112.4 percent’

TOKYO, April 20, (KUNA): Kuwait’s trade surplus with Japan more than double from a year earlier to JPY 47.0 billion (USD 436 million) in March, thanks to robust exports, government data showed Monday.

The surplus surged by 112.4 percent, up for the first time in two months, the Finance Ministry said in a preliminary report. Kuwait recorded black ink with Japan for 12 years and two months, as exports outpaced its imports by a big margin. Kuwaiti overall exports to Japan jumped 69.6 percent year-on-year to JPY 65.3 billion (USD 605 million) for the first increase in two months. Imports from Japan grew 11.8 percent to JPY 18.3 billion (USD 170 million), up for the first time in two months.

Middle East’s trade surplus with Japan fell 13.7 percent to JPY 467.1 billion (USD 4.3 billion) last month, with Japan-bound exports from the region shrinking 9.3 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, declined 9.0 percent. The region’s overall imports from Japan edged up 1.0 percent, pushed by demand for automobiles and steel.

The world’s third-biggest economy logged a global trade surplus of JPY 4.9 billion (USD 46 million) in March for the second straight month. Exports fell 11.7 percent from the year before, the biggest decline since July 2016, as the coronavirus pandemic weighed on demand for such as cars and vessels. Imports slid 5.0 percent on lower bills of coal, LNG and crude oil. 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.