Kuwait's June trade surplus with Japan more than doubled

  • Jul 21, 2021
  • KUNA

Kuwait's June trade surplus with Japan more than doubled TOKYO, July 21 (KUNA) -- Kuwait's trade surplus with Japan more than doubled from a year earlier to JPY 39.0 billion (USD 335 million) in June on brisk export, government data showed Wednesday.

The surplus soared by 115.5 percent, up for the third straight month, and Kuwait recorded black ink with Japan for 13 years and five months, the Finance Ministry said in a preliminary report. Kuwaiti overall exports to Japan surged 122.2 percent year-on-year to JPY 53.8 billion (USD 490 million), up for the third month in a row. Imports from Japan also jumped 142.1 percent to JPY 14.9 billion (USD 135 million) for the fourth monthly expansion.

Middle East's trade surplus with Japan skyrocketed by 158.6 percent to JPY 426.3 billion (USD 3.9 billion) last month, with Japan-bound exports from the region sharply growing 139.9 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 93.0 percent of the region's total exports to Japan, inflated 148.2 percent. The region's overall imports from Japan also marked a dramatic 106.2 percent growth on demand for automobiles and machinery.

Japan's global trade balance returned to surplus in June, buoyed by economic recovery in countries such as the US and China, which are Japan's major trade partners. The world's third-biggest economy posted the first trade black ink in two months at JPY 383.2 billion (USD 3.5 billion).

Exports rose 48.6 percent from the year before, thanks to robust sales of motor vehicles and parts to the US as well as chip-making equipment to China. Imports also expanded 32.7 percent on higher crude oil prices and a rise in purchases of COVID-19 vaccines. China remained Japan's biggest trade partner, followed by the US. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. (end) mk.ag