Kuwait city: Kuwait's trade surplus with Japan in November decreased by 61.2 percent compared to the previous year, reaching JPY 27.1 billion (USD 174 million). This marks the first decline in three months, primarily due to slowed exports, as revealed by government data on Wednesday. However, the country maintained a positive trade balance with Japan for 17 years and 10 months, with exports still exceeding imports in value, according to a preliminary report from the Finance Ministry.
According to Kuwait News Agency, overall Kuwaiti exports to Japan fell by 45.4 percent year-on-year to JPY 51.6 billion (USD 332 million), marking the first decline in three months. Meanwhile, imports from Japan experienced a slight decrease of 0.3 percent to JPY 24.5 billion (USD 157 million), the first drop in 12 months.
The Middle East's trade surplus with Japan also narrowed by 19.0 percent to JPY 389.6 billion (USD 2.5 billion) last month, with exports to Japan from the region decreasing by 10.4 percent compared to a year earlier. Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which made up 94.2 percent of the region's total exports to Japan, saw a decline of 9.9 percent. Additionally, the region's overall imports from Japan fell by 1.5 percent due to reduced demand for automobiles and steel.
For Japan, the global trade balance returned to a surplus for the first time in five months, reaching JPY 322.2 billion (USD 2.1 billion) in November. Exports increased by 6.1 percent from the previous year, driven by strong sales of semiconductors, pharmaceutical products, and non-ferrous metals. Imports grew by 1.3 percent due to higher costs for power-generating machines. China remained Japan's largest trade partner, followed by the United States. The trade data are measured on a customs-cleared basis before adjustments for seasonal factors.