Kuwait's Trade Surplus with Japan Narrows by 12.4% in March

 Kuwait, 18 April, 2024 : Kuwait's trade surplus with Japan decreased by 12.4% year-on-year to JPY 106.2 billion (USD 685 million) in March, marking its first decline in two months, according to government data.

Despite the decline, Kuwait maintained a surplus with Japan for 16 years and two months, with exports exceeding imports in value, the Finance Ministry reported.

Kuwait's exports to Japan dropped 14.2% to JPY 128.4 billion (USD 829 million), while imports from Japan fell 21.8% to JPY 22.2 billion (USD 143 million), marking the fourth consecutive monthly decline. 

The Middle East's overall trade surplus with Japan also narrowed by 3.4% to JPY 796.8 billion (USD 5.2 billion) last month, with exports from the region decreasing by 0.9%.

Most of the region's exports to Japan, including crude oil, refined products, and LNG, which make up 95.8% of the total, decreased by 1.0%. Meanwhile, imports from Japan increased by 5.1%, driven by demand for machinery, manufactured goods, and electrical machinery.

In contrast, Japan's global trade balance returned to surplus in March, reaching JPY 366.5 billion (USD 2.4 billion). This was attributed to a 7.3% growth in exports, led by automobiles, electronic semiconductor parts, and vessels, while imports fell by 4.9% due to lower energy bills and non-ferrous metals.

Source : www.kuna.net.kw