Kuwait's trade surplus with Japan widens 84.7%

20/04/2012 14:53 AST

Kuwait's trade surplus with Japan sharply widened 84.7 percent in March to 107.7 billion Japanese yen (1.3 billion US dollars) from a year earlier, remaining in the black for the 50th month in a row, the Finance Ministry said Thursday.

Kuwaiti overall exports to Japan surged 86.9 percent to 124.7 billion yen ($1.5 billion) for the 11st straight month of gain, and imports from Japan also expanded 101.7 percent year-on-year to 17.0 billion yen ($209 million) for the sixth consecutive month of growth, the ministry said in a preliminary report.

The Middle East's trade surplus with Japan also widened 18.0 percent to 1.037 trillion yen ($12.7 billion) in March, with Japan-bound exports from the region growing 20.9 percent from a year earlier to 1.278 trillion yen ($15.7 billion). Crude oil and petroleum products, which accounted for 98.3 percent of the region's total exports to Japan, rose 20.7 percent on the year. Among resources, liquefied natural gas (LNG) shipments from the Middle East posted a 126.0 percent gain. Imports from Japan also rose 35.2 percent to 241.2 billion yen (three billion dollars), as shipments of manufactured goods including steel, electronic components and automobiles, which accounted for 78.7 percent of the region's total imports from the country, saw the robust growth.

The world's third-biggest economy posted a global deficit of 82.6 billion yen ($1.0 billion) in March, falling into the red for the first time in two months, as surging imports of crude oil and LNG offset strong shipments of cars and auto parts to the US, the ministry said. Exports totaled 6.204 trillion yen ($76.1 billion), up 5.9 percent, marking the first rise in six months, while imports grew 10.5 percent to 6.287 trillion yen ($77.1 billion) for the 27th straight month. Imports of crude oil jumped 22.8 percent and LNG 58.7 percent, respectively.

Resource-poor Japan is buying more fossil fuels for thermal power generation as only one of the nation's 54 commercial reactors in service in the wake of the radiation accident at the Fukushima Daiichi nuclear power plant, which was triggered by the massive earthquake and tsunami in March last year. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.

Japan also marked a record trade deficit in fiscal 2011 through March, as exports slowed due to the quake-tsunami disasters, the eurozone debt crisis, the yen's appreciation and devastating floods in Thailand. The deficit was the largest since fiscal 1979 when the government began compiling data.

KUNA