Kuwait City: Kuwait's trade surplus with Japan experienced a significant decline of 80.3 percent in March compared to the previous year, reaching JPY 20.9 billion (USD 146 million), as indicated by recent government data. This marks the second consecutive month of reduction due to a slowdown in exports, yet Kuwait has maintained a trade surplus with Japan for 17 years and two months because its exports continue to exceed imports in value, according to a preliminary report from the Finance Ministry.
According to Kuwait News Agency, Kuwait's exports to Japan fell by 55.2 percent year-on-year to JPY 57.5 billion (USD 403 million), marking a decline for the second straight month. On the other hand, imports from Japan saw an increase of 64.8 percent, amounting to JPY 36.6 billion (USD 256 million), continuing an upward trend for the fourth consecutive month. The trade surplus between the Middle East and Japan decreased by 29.0 percent to JPY 566.2 billion (USD 4.0 billion) last month, with exports from the region to Japan dropping by 14.8 percent compared to the previous year. The decline was noted in exports of crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which together accounted for 94.1 percent of the region's total exports to Japan, sliding 16.3 percent. Meanwhile, imports from Japan to the region increased by 17.1 percent, driven by demand for automobiles and motors.
Globally, Japan, the world's third-largest economy, recorded a trade surplus of JPY 544.1 billion (USD 3.8 billion) in March for the second consecutive month. Export growth of 3.9 percent was largely attributed to the sales of vehicles, chip-making equipment, and non-ferrous metals. Imports rose by 2.0 percent, mainly due to increased costs of pharmaceutical products, communication devices such as smartphones, and clothing.
China remained Japan's largest trading partner, followed by the United States. The trade data are based on a customs-cleared basis before being adjusted for seasonal factors.