Kuwait's trade surplus with Japan fell by 30.3% in December 2024, reaching JPY 69.7 billion (USD 424 million). The decline was primarily driven by a slowdown in exports, while imports surged by 35.3%. Kuwait's exports to Japan decreased by 18% to JPY 100.7 billion (USD 622 million), while imports rose to JPY 31.0 billion (USD 186 million). Despite the decline, Kuwait maintained a trade surplus with Japan for the 16th consecutive year and 11 months.
For the entirety of 2024, Kuwait’s trade surplus with Japan dropped by 16.5% to JPY 842.0 billion (USD 5.4 billion). Exports fell by 12.8% to JPY 1.1 trillion (USD 7.1 billion), while imports slightly increased by 1.0% to JPY 275.9 billion (USD 1.7 billion). The decline is attributed to reduced export revenues.
The Middle East as a whole experienced a similar trend. The region’s trade surplus with Japan fell by 20% in December to JPY 790.8 billion (USD 5.0 billion). Exports to Japan decreased by 7.2%, driven by an 8.7% drop in crude oil, LNG, and other natural resources. However, imports from Japan surged by 28.2%, fueled by strong demand for automobiles, machinery, and steel.
Japan, on the other hand, recorded a trade surplus of JPY 130.9 billion (USD 815 million) in December, its first in six months. Exports increased by 2.8%, supported by semiconductor and chip-making equipment, while imports rose by 1.8%. For the whole of 2024, Japan’s trade deficit shrank by 44% to JPY 5.3 trillion (USD 34.0 billion). China and the US remained Japan’s largest trade partners.
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