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Kuwait's trade surplus with Japan up 1st time in three months

TOKYO, Feb 20 (KUNA) -- Kuwait's trade surplus with Japan skyrocketed by 112.4 percent from a year earlier to JPY 49.2 billion (USD 435 million) in January, expanding for the first time in three months, thanks to robust exports, the Japanese Finance Ministry said Monday. Kuwait maintained monthly black ink with Japan for nine years, the ministry said in a preliminary report.
Kuwaiti overall exports to Japan jumped 54.8 percent year-on-year to JPY 63.5 billion (USD 561 million) for the first rise in three months, while imports from Japan shrank 19.7 percent to JPY 14.3 billion (USD 257 million), down for the fifth month in a row. Middle East's trade surplus with Japan grew 56.9 percent to JPY 564.2 billion (USD 5.0 billion) last month, with Japan-bound exports increasing 28.2 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.7 percent of the region's total exports to Japan, jumped 30.5 percent. The region's overall imports from Japan slid 19.4 percent, reflecting weak shipments of automobile, machinery and steel.
Japan's global trade balance returned to deficit in January, as higher oil prices pushed up import bills. The world's third-biggest economy posted the first trade red ink in five months at JPY 1.087 trillion (USD 9.6 billion) last month. Exports rose 1.3 percent from the year before, buoyed by shipments to other Asian countries. Imports grew 8.5 percent for the first expansion in 25 months, with the value of crude oil jumping 35.6 percent. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.(end) mk.rk