Kuwait and Japan confirmed on Friday their commitment to expanding cooperation in various fields, including energy, food trade and regional stability, during their policy meeting in Tokyo, the Japanese Foreign Ministry said.
The Fifth Policy Consultations Meeting between the two foreign ministries in Tokyo was attended by Kuwaiti Assistant Foreign Minister for Asian Affairs Ambassador Sameeh Hayat and Japanese Assistant Foreign Minister Toshihide Ando, along with other senior officials.
Kuwait’s trade surplus with Japan narrows 66.7 percent
The meeting comes at a time when Kuwait’s trade surplus with Japan narrowed 66.7 percent from a year earlier to JPY30.0 billion ($188 million) in June, down for the fifth consecutive month due to sluggish exports. However, Kuwait stayed in black ink with Japan for 17 years and five months, as exports still offset imports in value terms, the Finance Ministry said in a preliminary report.
Overall exports from Kuwait to Japan plunged 45.2 percent year-on-year to JPY63.4 billion ($404 million), down for the fifth straight month. Imports from Japan jumped 30.6 percent to JPY33.3 billion ($209 million), up for the seventh month in a row.
The Middle East’s trade surplus with Japan also narrowed 40.8 percent to JPY382.4 billion ($2.5 billion) in June, with Japan-bound exports from the region falling 21.2 percent from a year earlier in value. Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 92.7 percent of the region’s total exports to Japan, plummeted 23.2 percent.
Meanwhile, the region’s overall imports from Japan soared 17.6 percent on demand for automobiles and machinery. Japan’s global trade balance returned to surplus for the first time in three months in June, although the value declined 30.8 percent on the year, chiefly due to weak exports to the U.S. and lower energy bills.
