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Kuwait’s trade surplus with Japan up 20.4 pct

Kuwait’s trade surplus with Japan up 20.4 pct

KUWAIT CITY: Kuwait’s trade surplus with Japan expanded 20.4 percent from a year earlier to JPY 59.2 billion (USD 556 million) in January, up for the 13th straight month thanks to robust exports, the Japanese Finance Ministry said Monday.
Kuwaiti overall exports to Japan jumped 21.2 percent year-on-year to JPY 77.0 billion (USD 723 million) for the 13th consecutive month of rise, the ministry said in a preliminary report. Imports from Japan also grew 24.0 percent to JPY 17.8 billion (USD 167 million), up for the third month. As exports rose by a wider margin than imports, Kuwait maintained monthly black ink with Japan for 10 years.
Middle East’s trade surplus with Japan grew 18.1 percent to JPY 667.4 billion (USD 6.7 billion) last month, with Japan-bound exports from the region increasing 15.4 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.4 percent of the region’s total exports to Japan, rose 14.9 percent. The region’s overall imports from Japan grew 6.5 percent, thanks to robust shipments of automobile, machinery and electric equipment Japan’s global trade balance returned to deficit in January, as higher energy cost pushed up import bills. The world’s third-biggest economy posted the first trade red ink in eight months at JPY 943.4 billion (USD 8.9 billion) last month. Overall exports gained 12.2 percent from the year before thanks to solid demand overseas for cars and semiconductor-making equipment.