Kuwait's trade surplus with Japan narrows 8th month
Date
2/18/2016 4:21:39 AM
(MENAFN- Kuwait News Agency (KUNA)) TOKYO Feb 18 (KUNA) -- Kuwait's trade surplus with Japan narrowed 67.6 percent from a year earlier to JPY 21.2 billion (USD 203 million) in January shrinking for the eighth month as exports fell more than half the Finance Ministry said Thursday.But Kuwait maintained monthly black ink with Japan for an unbroken eight years the ministry said in a preliminary report. Kuwaiti overall exports to Japan tumbled 54.2 percent year-on-year to JPY 41.0 billion (USD 360 million) for the eighth straight monthly decline and imports from Japan also shrank 1.4 percent to JPY 17.9 billion (USD 157 million) down for the first time in eight months.Middle East's trade surplus with Japan also shrank 527 percent to JPY 360.4 billion (USD 3.2 billion) last month with Japan-bound exports from the region falling 43.5 percent from a year earlier. Crude oil refined products liquefied natural gas (LNG) and other natural resources which accounted for 94.1 percent of the region's total exports to Japan slid 44.6 percent.The region's overall imports from Japan edged up 0.2 percent chiefly due to weak shipments of steel and machinery.Japan's global trade balance returned to deficit in January chiefly due to sluggish exports to China and other Asian countries amid an economic slowdown. The world's third-biggest economy posted the first trade red ink in two months at JPY 645.9 billion (USD 5.7 billion) last month.Overall exports fell 12.9 percent from the year before marking the steepest decline since October 2009. The 17.5 percent plunge in exports to China Japan's biggest trade partner was also caused by the effects of the Lunar New Year holidays in early February according to the ministry. Imports slid 18.0 percent with shipments of crude oil falling nearly by half. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. (end) mk.gta
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