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Kuwait's December trade surplus with Japan down 30.3%

Kuwait's December trade surplus with Japan down 30.3%

Kuwait's December trade surplus with Japan down 30.3%

Jan 27, 2025

Kuwait's trade surplus with Japan in December narrowed 30.3 percent from a year earlier to JPY 69.7 billion (USD 424 million), down for the fourth consecutive month due to slow exports, government data showed Thursday.

However, Kuwait remained in black ink with Japan for 16 years and 11 months, as exports still outpaced imports in value, the Finance Ministry said in a preliminary report. Overall Kuwaiti exports to Japan shrank 18.0 percent year-on-year to JPY 100.7 billion (USD 622 million) for the fourth straight month of decline. Imports from Japan surged 35.3 percent to JPY 31.0 billion (USD 186 million), up for the first time in two months.

For the whole of 2024, Kuwait saw a trade surplus of JPY 842.0 billion (USD 5.4 billion), down 16.5 percent from the previous year. Kuwait's exports to Japan fell 12.8 percent to JPY 1.1 trillion (USD 7.1 billion), while imports edged up 1.0 percent to JPY 275.9 billion (USD 1.7 billion) last year.

Middle East's trade surplus with Japan plunged 20.0 percent to JPY 790.8 billion (USD 5.0 billion) in December, with Japan-bound exports from the region shrinking 7.2 percent from a year earlier. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 95.1 percent of the region's total exports to Japan, fell 8.7 percent. The region's overall imports from Japan rose 28.2 percent on robust demand for automobiles, machinery and steel.

Japan's global trade balance returned to surplus for the first time in six months at JPY 130.9 billion (USD 815 million) in December. Exports rose 2.8 percent from the year before, buoyed by sales of chip-making equipment, electronic semiconductor parts and food. Imports also grew 1.8 percent on computers and units, as well as non-ferrous metal.

For the full year 2024, the world's third-biggest economy logged a 5.3 trillion (USD 34.0 billion) red ink for the fourth consecutive year, but its size plummeted 44.0 percent from a year earlier. Exports expanded 6.2 percent, while imports went up 1.8 percent last year.

China remained Japan's biggest trade partner for both December and the full year, followed by the US. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.