Kuwait's trade surplus with Japan down 28.2 percent

TOKYO, Feb 20 (KUNA) -- Kuwait's trade surplus with Japan tumbled 28.2 percent from a year earlier to JPY42.5 billion (USD 383 million) in January, down for the second month due to weak exports, the Finance Ministry said Wednesday.
But Kuwait stayed in black ink with Japan for full 11 years, as exports still outpaced its imports by a big margin, the ministry said in a preliminary report.
Kuwaiti overall exports to Japan dropped 28.3 percent year-on-year to JPY 55.2 billion (USD 497 million) for the second straight monthly fall. Imports from Japan also fell 28.7 percent to JPY 12.7 billion (USD 114 million), down for the second month. Middle East's trade surplus with Japan slid 12.1 percent to JPY 587.1 billion (USD 5.3 billion) last month, with Japan-bound exports from the region declining 12.3 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, fell 12.2 percent. The region's overall imports from Japan also went down 13.2 percent, as shipments of automobile, machinery and steel were sluggish.
Japan logged a trade deficit of JPY 1.4 trillion (USD 12.8 billion) with the rest of the world in January for the fourth month in a row and the widest margin since March 2014 on a sharp fall in exports to China. Overall exports of the world's third-biggest economy shrank 8.4 percent from the year before, chiefly due to a steep decline in sales of vessels, semiconductor-making equipment and steel.
Imports edged down 0.6 percent on lower crude oil prices. Exports to China, Japan's biggest trade partner, plunged 17.4 percent, marking the steepest decline since January 2016 amid China's slowing economy and its trade conflict with the US. The ministry said the Lunar New Year holidays also dented demand. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. (end) mk.tg