Kuwait's surplus with Japan shrinks

Kuwait's trade surplus with Japan narrowed 6.7% in May to JPY 85.3 billion (USD 1.1 billion) from a year earlier, shrinking for the first time in 13 months. Kuwait registered trade surplus with Japan for a 52 consecutive month of black ink, though the margin shrank for the first time since April 2011, the Finance Ministry said Wednesday. Kuwaiti overall exports to Japan edged down 0.2% to JPY 95.0 billion (USD 1.2 billion) for the first decline in 13 months, while imports from Japan surged 151.6% year-on-year to JPY 9.8 billion (USD 124 million) for the eighth consecutive month of growth, the ministry said in a preliminary report, according to (KUNA) news agency. The Middle East's trade surplus with Japan widened 6.2% to JPY 924.0 billion (USD 11.7 billion) last month, with Japan-bound exports from the region rising 12.3% from a year earlier to JPY 1.103 trillion (USD 14.0 billion). Crude oil and petroleum products, which accounted for 98.1% of the region's total exports to Japan, grew 12.6% on the year. Among resources, liquefied natural gas (LNG) shipments from the Middle East marked a 35.2% rise. Imports from Japan also rose 60.5% to JPY 179.5 billion (USD 2.3 billion), thanks to robust shipments of automobiles, vehicle parts and steel. (QNA)