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Kuwait’s trade surplus with Japan falls to $424 million in December 2024

Kuwait’s trade surplus with Japan shrank by 30.3% in December compared to the previous year, reaching 69.7 billion yen ($424 million), according to Japanese government data released yesterday. This marks the fourth consecutive monthly decline, driven by a slowdown in exports.

According to a preliminary report from Japan’s Ministry of Finance, Kuwait’s trade surplus with Japan has remained positive for 16 years and 11 months. This sustained surplus is attributed to the consistently higher value of Kuwait’s exports compared to its imports.

The report highlighted that Kuwait’s total exports to Japan dropped by 18 percent year-on-year to 100.7 billion yen ($622 million), marking the fourth consecutive monthly decline. In contrast, imports from Japan surged by 35.3 percent to 31 billion yen ($186 million), reflecting the first increase in two months.

The Middle East’s trade surplus with Japan decreased by 20 percent in December to 790.8 billion yen ($5 billion), driven by a 7.2 percent year-on-year drop in exports from the region to Japan.

The report revealed that imports of crude oil, refined products, liquefied natural gas, and other natural resources, making up 95.1 percent of the Middle East’s total exports to Japan, declined by 8.7 percent in December. At the same time, the region’s imports from Japan increased by 28.2 percent, driven by robust demand for cars, machinery, and steel.

Notably, Japan, the world’s third-largest economy, recorded a global trade surplus of 130.9 billion yen ($815 million) in December, marking its first surplus in six months.

Japan’s exports climbed 2.8 percent in December, fueled by strong demand for semiconductor production equipment, non-ferrous metals, and food products, while imports edged up 1.8 percent. China continues to be Japan’s top trading partner, followed by the United States.

Source: Al Anba



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