TOKYO: Kuwait’s trade surplus with Japan dropped 15.2 percent in July compared with a year earlier, official data showed Thursday, marking the sixth consecutive monthly decline as exports continued to slow. According to preliminary figures released by Japan’s finance ministry, Kuwait has nonetheless maintained a positive trade balance with Japan for 17 years and six months, with exports still exceeding imports in value.
Kuwaiti exports to Japan fell 5.9 percent year-on-year to JPY 77.5 billion ($504 million), recording a sixth straight monthly contraction. By contrast, imports from Japan rose 15.8 percent to JPY 28.5 billion ($180 million), extending their growth streak to eight months, the data showed.
Regionally, the Middle East’s trade surplus with Japan contracted 25.1 percent to JPY 550.4 billion ($3.7 billion) in July. Exports from the region declined 18.1 percent, largely driven by a 19 percent drop in shipments of crude oil, refined products, liquefied natural gas, and other natural resources, which accounted for more than 93 percent of total exports to Japan. Imports from Japan to the region also edged down 3.2 percent due to weak demand for manufactured goods and steel.
On the broader scale, Japan posted a global trade deficit of JPY 117.5 billion ($776 million) in July, its first in two months, though the figure was down 81.3 percent from a year earlier. Overall exports slipped 2.6 percent, weighed down by weaker automobile sales to the United States following higher tariffs. Imports fell 7.5 percent, reflecting lower invoices for pharmaceuticals, aircraft and engines. China remains Japan’s largest trading partner, followed by the United States, the report noted. — KUNA
