Kuwait, Japan trade surplus down 28%

Kuwait, Japan trade surplus down 28%

TOKYO - Kuwait's trade surplus with Japan narrowed 28 percent from a year earlier to JPY 80.9 billion (USD 572 million) in May, for the second month due to weak exports, according to government data on Thursday.

The Finance Ministry said in a preliminary report that Kuwait stayed in black ink with Japan for 15 years and four months as exports still offset imports in value.

It added that overall Kuwaiti exports to Japan plunged 22 percent year-on-year to JPY 98.8 billion (USD 699 million) for the first decline in three months, and imports from Japan grew 24.6 percent to JPY 18.0 billion (USD 127 million) for the 13th month in a row.

Middle East's trade surplus narrowed 33.5 percent to JPY 712.0 billion (USD 5.0 billion) last month, with Japan-bound exports from the region falling 23.3 percent from a year earlier, the report said.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.5 percent of the region's total exports to Japan, shrank 22.5 percent, resulting to 9.9 percent drop in imports.

Adding that the region's overall imports from Japan jumped 37.0 percent on demand for automobiles, machinery and steel, which increased exports by 0.6 percent. The world's