Cairo: Kuwait's trade surplus with Japan significantly decreased by 65.7 percent year-on-year to JPY 35.2 billion (USD 211 million) in October, marking a decline for the second consecutive month due to weak exports, as revealed by government data on Wednesday. Despite this downturn, Kuwait has maintained a positive trade balance with Japan for an impressive span of 16 years and nine months, as the value of exports still surpasses imports, according to a preliminary report by the Finance Ministry. According to Kuwait News Agency, the overall exports from Kuwait to Japan experienced a significant drop of 46.4 percent year-on-year, settling at JPY 66.4 billion (USD 407 million), continuing a downward trend for the second month in a row. In contrast, imports from Japan surged by 46.6 percent to JPY 31.2 billion (USD 187 million), marking an increase for the first time in two months. The trade surplus decline is part of a broader trend observed in the Middle East, where the region's trade surplus with Japan narro wed by 32.6 percent to JPY 567.9 billion (USD 3.6 billion) last month. Exports from the Middle East to Japan fell by 13.1 percent compared to the previous year. Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which collectively represented 94.2 percent of the Middle East's exports to Japan, saw a decline of 13.8 percent. Meanwhile, the region's imports from Japan increased by 35.4 percent, driven by the rise in shipments of automobiles and machinery. Japan, the world's third-largest economy, reported a global trade deficit of JPY 461.2 billion (USD 2.9 billion) in October, marking the fourth consecutive month of deficit, though the deficit size decreased by 34.4 percent from the previous year. Japan's exports rose by 3.1 percent from the prior year, supported by strong sales of semiconductor production equipment and pharmaceutical products. Although imports increased slightly by 0.4 percent, the cost of energy imports, particularly crude oil and coal, decreased. China maintained its position as Japan's largest trade partner, followed by the United States. The trade data are based on a customs-cleared basis prior to adjustment for seasonal factors.
