Kuwait's trade surplus with Japan narrows 7th month
Date
1/25/2016 3:06:24 AM
(MENAFN- Kuwait News Agency (KUNA)) TOKYO Jan 25 (KUNA) -- Kuwait's trade surplus with Japan narrowed 37.5 percent from a year earlier to JPY 52.5 billion (USD 442 million) in December shrinking for the seventh month as exports declined the Finance Ministry said Monday.Kuwait maintained black ink with Japan for the 95th consecutive month the ministry said in a preliminary report.Kuwaiti overall exports to Japan plunged 29.1 percent year-on-year to JPY 75.9 billion (USD 639 million) for the seventh straight monthly fall while imports from Japan grew 1.7 percent to JPY 23.4 billion (USD 197 million) up for the seventh month.Middle East's trade surplus with Japan also shrank 55.7 percent to JPY 410.1 billion (USD 3.4 billion) last month with Japan-bound exports from the region falling 42.7 percent from a year earlier.Crude oil refined products liquefied natural gas (LNG) and other natural resources which accounted for 95.8 percent of the region's total exports to Japan slid 43.6 percent. The region's overall imports from Japan also shrank 3.5 percent chiefly due to weak shipments of steel and machinery.Japan's global trade balance returned to the black in December despite sluggish exports as cheaper crude oil and other fuel prices cut import costs. The world's third-biggest economy posted a trade surplus of JPY 140.2 billion (USD 1.2 billion) in December the first black ink in two months.Overall exports fell 8.0 percent from the year before due to weak shipments of steel and semi-conductors to China and other Asian markets. Imports tumbled 18.0 percent with shipments of crude oil falling nearly by half. For the whole of 2015 the country logged a trade deficit for the fifth year in a row but the figure narrowed 77.9 percent from 2014 to JPY 2.832 trillion (USD 23.8 billion). The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. (end) mk.nfm
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