Kuwait's Jan. Trade Surplus With Japan Jumps 85.5 Pct - Data

(MENAFN- Kuwait News Agency (KUNA)) TOKYO, Feb 16 (KUNA) -- Kuwait's trade surplus with Japan surged 85.5 percent from a year earlier to JPY 110.3 billion (USD 823 million) in January, up for the 22nd straight month, fueled by robust exports, government data showed Thursday.
Kuwait posted black ink with Japan for 15 years on a monthly basis, the Finance Ministry said in a preliminary report. Overall exports from Kuwait to Japan ballooned 81.2 percent year-on-year to JPY 126.5 billion (USD 944 million) for the 22nd consecutive month of expansion. Imports from Japan also soared 56.4 percent to JPY 16.1 billion (USD 121 million), up for the ninth month in a row.
Middle East's trade surplus with Japan widened 32.8 percent to JPY 1.0 trillion (USD 7.5 billion) last month, with Japan-bound exports from the region increasing 34.6 percent from a year earlier, according to the data.
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, inflated 37.2 percent. The region's overall imports from Japan also swelled 43.4 percent on demand for automobiles, machinery and steel.
The world's third-biggest economy logged a record global trade deficit of JPY 3.5 trillion (USD 26.1 billion) in January, as higher energy bills and the yen's depreciation contributed to increase the value of its imports while export growth slowed, showed the government data.
The deficit was the biggest since comparable data became available in 1979, and the country posted red ink for the 18th consecutive month. Exports went up just 3.5 percent from the year before amid weakening demand for China during the Lunar New Year holidays.
Imports grew 17.8 percent with energy prices, especially coal, LNG and crude oil rising. 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)
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