Japan, Kuwait trade surplus increases by 15 per cent in August

Dubai : Kuwait’s trade surplus with Japan increases by 15.0 per cent year-on-year, reaching $521 million (Dh1.9 billion) in August, marking its first rise in two months, driven by strong export performance, according to the Kuwait News Agency. Kuwait has maintained a trade surplus with Japan for 16 years and seven months, as reported by the finance ministry.

Kuwaiti exports to Japan rose by 11.8 per cent year-on-year to $673 million (Dh2.4 billion), also the first increase in two months. Meanwhile, imports from Japan grew by 1.9 per cent to $USD 142 million (Dh521 million), marking the fourth consecutive month of growth.

In the Middle East, the trade surplus with Japan narrowed by 4.8 per cent to $6 billion (Dh22 billion) last month, as exports from the region fell by 1 per cent compared to a year earlier. Crude oil, refined products, liquefied natural gas (LNG), and other natural resources, which made up 94.7 per cent of the region’s exports to Japan, saw a decline of 2.3 per cent. Conversely, imports from Japan surged by 12.8 per cent, driven by increased demand for automobiles and machinery.