(MENAFN- Kuwait News Agency (KUNA)) TOKYO, Sept 17 (KUNA) -- Kuwait's trade surplus with Japan narrowed 37.5 percent from a year earlier to JPY 48.1 billion (USD 306 million) in August, down for the seventh month in a row due to sluggish exports, government data showed on Wednesday.
However, Kuwait stayed in black ink with Japan for 17 years and seven months, as exports still offset imports in value, the Finance Ministry said in a preliminary report. Overall exports from Kuwait to Japan slid 28.5 percent year-on-year to JPY 70.3 billion (USD 458 million) down for the seventh straight month. Imports from Japan grew 3.5 percent to JPY 22.2 billion (USD 141 million), marking the ninth consecutive monthly expansion.
Middle East's trade surplus with Japan also shrank 28.9 percent to JPY 606.5 billion (USD 4.1 billion) last month, with Japan-bound exports from the region falling 20.3 percent from a year earlier in value.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 93.8 percent of the region's total exports to Japan, plummeted 21.1 percent. The region's whole imports from Japan increased 5.2 percent on demand for steel.
The world's third-biggest economy logged a global trade deficit of JPY 242.5 billion yen (USD 1.6 billion) in August for the second month. Exports edged down 0.1 percent from the year before, as shipments of automobiles to the US went down amid higher tariffs.
Imports also dropped 5.2 percent on lower bills for crude oil, pharmaceutical products and LNG. 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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