Kuwait's Trade Surplus with Japan Down 43.0%t in July

Kuwait's trade surplus with Japan declined 43.0% from a year earlier to JPY 21.3 billion (USD 214 million) in July, shrinking for the 14th month, chiefly due to weak exports, the Japanese Finance Ministry said Thursday. But Kuwait maintained monthly black ink with Japan for eight years and six months, the ministry said in a preliminary report. 

    Kuwaiti overall exports to Japan tumbled 41.9% year-on-year to JPY 33.4 billion (USD 334 million) for the 14th straight monthly fall, and imports from Japan also declined 39.8% to JPY 12.0 billion (USD 120 million), down for the second month, the official (KUNA) news agency reported.

    Middle East's trade surplus with Japan also narrowed by 45.5% to JPY 362.0 billion (USD 3.6 billion) last month, with Japan-bound exports diving 41.3% from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.6% of the region's total exports to Japan, decreased 41.6%. The region's overall imports from Japan fell 30.8%, as shipments of vehicle, steel and machinery slowed.

    The world's third-biggest economy logged a global surplus of JPY 513.5 billion (USD 5.1 billion) in July, marking the second consecutive month of black ink, reflecting low energy prices, though both exports and imports declined. Overall exports dropped 14.0% from the year before due to sluggish shipment of such products as vehicles amid rising Japanese yen following the Britain's vote to leave the European Union. Imports plunged 24.7%, with value of crude oil falling 42.6% due to low prices. Deficit with China, Japan's biggest trade partner, shrank 44.0% to JPY 266.0 billion (USD 2.7 billion).