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Japanese Middle East bound exports drop by 25pct in 2009 YoY |
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administrator |
DATE |
2010-02-02 11:22:49 |
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Japanese Middle East bound exports drop by 25pct in 2009 YoY
01 Feb 2010
KUNA quoted the finance ministry as saying that Japan's trade deficit with Kuwait widened for the second straight month in December with exports from Kuwait jumping more than 50% YoY.
The ministry said that Kuwait's exports to the world's second largest economy grew 51.3% from a year earlier to JPY 11.59 billion while imports from Japan shrank 2.6% to JPY 1.85 billion. As a result, Japan's trade deficit with Kuwait soared 69.0% in December to JPY 9.74 billion from a year earlier, marking the red ink figure for the 23rd straight month. Japan is Kuwait's top oil buyer with accounting for 20% of its total crude exports, while the nation is the third biggest exporter to Kuwait after the US and Germany.
Japan's trade deficit with the entire Middle East advanced 50.6% to JPY 817.91 billion. Its Middle East bound exports dropped 25.1% from a year earlier to JPY 212.23 billion, as demand of automobiles, steel and machinery which accounted for 75.5% of Japan's total exports to the region, declined. Shipments of vehicles to the Middle East fell 31.1%. December imports from the Middle East to Japan rose 24.6% to JPY 1.030 trillion buoyed by 25.4% increase of crude oil and petroleum products, which accounted for 98.8% of Japan's total imports from the area. However, shipments of liquefied natural gas fell 31.2%.
Japan's exports in December grew for the first time in 15 months on the back of robust demand from China and other parts of Asia and the nation posted the trade surplus for the 11th straight months. December's surplus expanded to a JPY 545.3 billion, reversing a deficit of JPY 322.2 billion from a year earlier. Exports rose 12.1% from a year earlier to JPY 5.413 trillion for the first gained on YoY basis since September 2008. For all of 2009, China overtook the US in 2009 to become Japan's biggest export market for the first time in the post war period.
Imports shrank 5.5% to JPY 4.868 trillion mainly owing to a fall in prices of natural gas coal and steel. Although imports fell for the 14th straight month, the pace of decline was the slowest in 14 months.
Resourced from KUNA |
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