Japanese government data showed that Kuwait’s trade surplus with Japan increased last November for the 20th consecutive month by 73 percent compared to last year, reaching 100.8 billion yen ($743 million).
According to the data provided by the Japanese Ministry of Finance in a preliminary report, Kuwait’s trade surplus with Japan remained positive for 14 years and 10 months, reports a local Arabic daily.
The ministry added total Kuwaiti exports to Japan rose 68.6 percent on an annual basis to reach 122.3 billion yen ($901 billion), an increase for the 20th consecutive month, while Japan’s imports from Kuwait rose 50.8 percent to 21.4 billion yen ($158 million), an increase for the seventh month in a row.
It indicated the Middle East trade surplus with Japan rose 58.4 percent to 1.1 trillion yen ($8.2 billion), thanks to the growth of exports destined for Japan from the region by 56.9 percent compared to last year.
It noted that shipments of oil, refined products, liquefied natural gas and other natural resources, which accounted for 95.5 percent of the region’s total export to Japan, jumped 60.1 percent.
The region’s total imports from Japan jumped 51.2 percent, thanks to strong demand for automobiles, machinery and manufactured goods.
The third largest economy in the world recorded a global trade deficit in November for the sixteenth consecutive month at two trillion Japanese yen ($14.9 billion), as higher energy bills and the depreciation of the yen contributed to an increase in the value of its imports.
According to the data, exports increased by 20 percent from the previous year, supported by sales of cars, machinery and ships.
The ministry stated that imports rose 30.3 percent thanks to the rise in energy prices, especially oil, coal and liquefied natural gas, pointing out that China remained Japan’s largest trading partner last month, followed by the United States.