Kuwait's Trade Surplus with Japan Expands in May

The Kuwaiti Finance Ministry reported that exports to Japan rose by 3.9% to JPY 102.8 billion (USD 648 million), the first growth in three months, while imports from Japan increased b y 11.5% to JPY 20.1 billion (USD 126 million), up for the first time in six months.

Meanwhile, the Middle East region's trade surplus with Japan widened by 13.1% to JPY 831.6 billion (USD 5.3 billion) in the same month. Exports from the region to Japan surged by 12%, primarily driven by crude oil, refined products, liquefied natural gas, and other natural resources. Imports from Japan to the Middle East also grew by 8.5%, supported by strong demand for automobiles, machinery, and steel.

Japan itself recorded a global trade deficit of JPY 1.2 trillion (USD 7.7 billion) in May, marking the second consecutive month of deficit due to increased import costs amidst a weaker yen. Despite this, Japan's exports saw a robust increase of 13.5%, buoyed by automobiles, semiconductor equipment, and chips.

China remained Japan's largest trading partner, followed by the United States. The trade figures are based on customs-cleared data before seasonal adjustments.

Source : www.zawya.com