Kuwait's trade surplus with Japan plunged 74.9 percent from a year earlier to JPY 18.7 billion (USD 174 million) in May, down for the second consecutive month as sluggish export performance continued, government data showed Wednesday.
But Kuwait stayed in black ink with Japan for 12 years and four months, as exports still offset imports in value, the Finance Ministry said in a preliminary report.
Kuwaiti overall exports to Japan tumbled 71.5 percent year-on-year to JPY 24.6 billion (USD229 million) for the second monthly decline. Imports from Japan also slid 50.5 percent to JPY 5.9 billion (USD 55 million), down for the first time in three months.
Middle East's trade surplus with Japan plummeted 77.9 percent to JPY 142.8 billion (USD 1.3 billion) last month, with Japan-bound exports from the region declining 72.0 percent from a year earlier.
Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 87.9 percent of the region's total exports to Japan, dived 74.3 percent. The region's overall imports from Japan dropped 48.6 percent on weak demand for automobiles, steel, machinery and electric equipment.
Japan posted a global trade deficit of JPY 833.4 billion (USD 7.8 billion) in May for the second straight month of red ink on weak exports amid the coronavirus pandemic.
Exports from the world's third-biggest economy shrank 28.3 percent from a year earlier for the steepest decline since September 2009 in the aftermath of the global financial crisis, chiefly due to weak sales of motor vehicles and parts.
Imports also went down 26.2 percent, the sharpest fall since October 2009 with lower energy bills including crude oil. China remained Japan's biggest trade partner, followed by the US.
The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.