KUWAIT CITY: Kuwait’s trade surplus with Japan tumbled in February and went down for the first time in 14 months due to weak exports, the Japanese Finance Ministry said Monday.
Kuwaiti overall exports to Japan plunged 27.2 percent year-on-year to JPY 50.2 billion (USD 475 million) for the first drop in 14 months, while imports from Japan increased 19.5 percent to JPY 16.7 billion (USD 158 million), up for the fourth month.
On the other hand, Middle East’s trade surplus with Japan expanded by 7.0 percent to JPY 560.2 billion (USD 5.3 billion) last month, with Japan-bound exports from the region growing 6.3 percent from a year earlier.
Exports from crude oil, refined products, liquefied natural gas (LNG) rose 4.6 percent. Region’s overall imports from Japan went up 4.4 percent due to strong shipments of automobile, machinery and steel.
Japan’s overall trade balance returned to surplus in February, on the back of strong global economy. Last month, the world’s third-biggest economy posted the first black ink in two months at JPY 3.4 billion (USD 32 million).
Exports grew 1.8 percent from the year before, reflecting robust demand for hybrid cars to the US, while Imports jumped 16.5 percent, boosted by clothes, LNG and petroleum products.
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