TOKYO, June 18 (KUNA) — Kuwait’s trade surplus with Japan saw a significant decline of 52.7 percent year-on-year in May, dropping to JPY 39.2 billion (USD 252 million). This marks the fourth consecutive month of decline due to sluggish exports, according to government data released on Wednesday. Despite this, Kuwait has maintained a trade surplus with Japan for 17 years and four months, as exports continue to exceed imports in value, the Finance Ministry stated in a preliminary report. Exports from Kuwait to Japan fell by 34.7 percent year-on-year to JPY 67.1 billion (USD 441 million), marking the fourth straight month of decline. Meanwhile, imports from Japan surged by 39.3 percent to JPY 27.9 billion (USD 179 million), growing for the sixth consecutive month. The Middle East’s trade surplus with Japan also decreased by 27.9 percent to JPY 600.2 billion (USD 4.1 billion) last month. Exports from the region to Japan dropped by 18.5 percent year-on-year in value terms. Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which accounted for 93.6 percent of the region’s total exports to Japan, plummeted by 19.0 percent. The region’s imports from Japan increased by 10.4 percent, driven by strong demand for automobiles and machinery. Japan, the world’s third-largest economy, recorded a global trade deficit of JPY 637.6 billion (USD 4.4 billion) in May, marking the second consecutive month of red ink. Exports fell by 1.7 percent from the previous year, primarily due to weak sales of automobiles, steel, and mineral fuels. Imports also dropped by 7.7 percent due to lower costs for crude oil, coal, and nonferrous metals. China remained Japan’s largest trade partner, followed by the US. The trade data is measured on a customs-cleared basis before seasonal adjustments.
— new from Kuwait News Agency