Kuwait's trade surplus with Japan falls dramatically by 66% in October

Posted on November 21, 2024   |  

Kuwait’s trade surplus with Japan dropped by 65.7% in October to JPY 35.2 billion (USD 211 million), continuing a decline for the second month due to weaker exports.

Kuwait has kept a trade surplus with Japan for nearly 17 years, as its exports still outweigh imports.

Exports from Kuwait to Japan decreased by 46.4% year-on-year to JPY 66.4 billion (USD 407 million), marking the second month of decline.

Imports from Japan rose by 46.6% to JPY 31.2 billion (USD 187 million), the first increase in two months.

The Middle East’s trade surplus with Japan also fell by 32.6% to JPY 567.9 billion (USD 3.6 billion), with a 13.1% drop in exports to Japan.

Exports of crude oil, LNG, and other natural resources, which make up 94.2% of Middle Eastern exports to Japan, fell by 13.8%.

Japan experienced a trade deficit of JPY 461.2 billion (USD 2.9 billion) for the fourth month in a row, but this was 34.4% smaller than the previous year. 

Exports grew by 3.1%, led by strong sales of semiconductors and pharmaceuticals.