Kuwait city: Kuwait's trade surplus with Japan narrowed 37.5 percent from a year earlier to JPY 48.1 billion (USD 306 million) in August, down for the seventh month in a row due to sluggish exports, government data showed on Wednesday. However, Kuwait remained in positive territory with Japan for 17 years and seven months, as exports continued to surpass imports in value, the Finance Ministry said in a preliminary report. Overall exports from Kuwait to Japan decreased 28.5 percent year-on-year to JPY 70.3 billion (USD 458 million), marking a decrease for the seventh consecutive month. Imports from Japan increased 3.5 percent to JPY 22.2 billion (USD 141 million), marking the ninth consecutive month of growth.
According to Kuwait News Agency, the Middle East's trade surplus with Japan also shrank 28.9 percent to JPY 606.5 billion (USD 4.1 billion) last month, with Japan-bound exports from the region falling 20.3 percent from a year earlier in value. Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which accounted for 93.8 percent of the region's total exports to Japan, decreased 21.1 percent. The region's total imports from Japan increased 5.2 percent due to demand for steel.
The world's third-largest economy recorded a global trade deficit of JPY 242.5 billion yen (USD 1.6 billion) in August for the second consecutive month. Exports slightly decreased by 0.1 percent from the previous year, as shipments of automobiles to the US declined amid higher tariffs. Imports also dropped 5.2 percent due to lower costs for crude oil, pharmaceutical products, and LNG. China remained Japan's largest trade partner, followed by the US. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.