Kuwait's June Trade Surplus with Japan Increases by 32.7%

Kuwait, 19 July, 2024 : Kuwait's trade surplus with Japan surged by 32.7% year-on-year in June, reaching JPY 90.1 billion (USD 556 million). This marks the second consecutive month of growth, driven by robust exports, according to government data released on Thursday.

Kuwait has maintained a trade surplus with Japan for 16 years and five months. Exports from Kuwait to Japan rose by 24.3% year-on-year to JPY 115.6 billion (USD 597 million), while imports from Japan increased by 1.6% to JPY 25.5 billion (USD 152 million).

The Middle East's trade surplus with Japan also widened by 2.5% to JPY 645.0 billion (USD 4.1 billion) in June. Exports from the region to Japan increased by 6.2%, primarily driven by crude oil, refined products, LNG, and other natural resources, which accounted for 95.2% of the region's total exports. Imports from Japan to the region soared by 14.4%, with high demand for automobiles, machinery, and steel.

Japan's overall trade balance returned to surplus in June, recording JPY 224.0 billion (USD 1.4 billion). Exports grew by 5.4% due to shipments of semiconductor-making equipment, non-ferrous metal, and plastic, while imports rose by 3.2% amid higher costs for computers, power-generating machines, and crude oil, influenced by the yen's depreciation against the dollar.

China remained Japan's largest trade partner, followed by the US. The trade data were measured on a customs-cleared basis before seasonal adjustments.

Source : www.zawya.com