Kuwait's Trade Surplus with Japan Up More Than 2.6 TimesSource: www.export-egypt.com 3/22/2017, Location: Middle East |
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Kuwait's trade surplus with Japan expanded more than 2.6 times from a year earlier to JPY 54.9 billion (USD 492 million) in February, up for the second month in a row, the Japanese Finance Ministry said
The surplus soared by 163.5 percent, thanks to robust exports, which jumped 90.8 percent year-on-year to JPY 68.9 billion (USD 617 million) for the second consecutive monthly rise, the ministry said in a preliminary report. Imports from Japan shrank 8.4 percent to JPY 14.0 billion (USD 125 million), down for the sixth straight month. As a result, Kuwait maintained monthly black ink with Japan for nine years and one month, it said. Middle East's trade surplus with Japan increased 100.2 percent to JPY 523.0 billion (USD 4.7 billion) last month, with Japan-bound exports jumping 46.4 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 96.0 percent of the region's total exports to Japan, surged 50.8 percent. The region's overall imports from Japan slid 13.5 percent, chiefly due to weak demand for automobile, machinery and materials. Japan's global trade balance returned to surplus in February at a seven-year high, as exports to China sharply rose after Lunar New Year holidays. The world's third-biggest economy posted the first trade black ink in two months at JPY 813.4 billion (USD 7.3 billion) last month. The figure was the largest since March 2010. Overall exports grew 11.3 percent from the year before. Imports edged up 1.2 percent, with the value of crude oil jumping 69.9 percent. Meanwhile, Japan marked the first trade surplus with China, its biggest trade partner, since February 2012, reflecting a stronger rebound in exports following China's Lunar New Year holidays. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. |
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