LOC12:53
09:53 GMT
TOKYO, Nov 19 (KUNA) -- Kuwait's trade surplus with Japan narrowed 89.8 percent from a year earlier to JPY 10.9 billion (USD 89 million) in October, shrinking for the fifth month, as exports marked the biggest percentage drop this year, the Finance Ministry said Thursday.
But Kuwait maintained black ink with Japan for the 93th consecutive month, the ministry said in a preliminary report. Kuwaiti overall exports to Japan plunged 73.6 percent year-on-year to JPY 33.8 billion (USD 275 million) for the fifth straight monthly decline, while imports from Japan increased 9.9 percent to JPY 22.9 billion (USD 186 million), up for the fifth month.
Middle East's trade surplus with Japan also shrank 66.5 percent to JPY 341.3 billion (USD 2.8 billion) last month, with Japan-bound exports from the region tumbling 51.5 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.6 percent of the region's total exports to Japan, slid 52.3 percent.
The region's overall imports from Japan grew 3.0 percent, thanks to strong shipments of machinery and vehicles.
The world's third-biggest economy posted a global surplus of JPY 114.5 billion (USD 905 million) in October, the first black ink in seven months despite weak exports, as cheaper crude oil and other fuel prices sharply cut import costs. It was the first surplus since March. Despite robust shipments of vehicles, overall exports fell 2.1 percent from the year before, the first decline since August 2014, reflecting weaker demand in China and other countries in Asia. Imports also decreased 13.4 percent, with shipments of crude oil falling nearly by half. Exports to China, Japan's biggest trading partner, shrank 3.6 percent amid its economic slowdown.
Japan's currency weakened against the US dollar by 10.7 percent the year before, according to the ministry. The yen's depreciation supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning, but it also pushes up import prices. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors. (end)
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