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Kuwait and the Middle East's trade balance with Japan is changing

In December 2024, Kuwait's trade surplus with Japan dropped by 30.3%. While exports from the Middle East declined, imports from Japan saw significant growth.

Kuwait and the Middle East's trade balance with Japan is changing

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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