Kuwait’s trade skyrockets to 37 billion dinars with global partners

• Kuwait’s non-oil exports were valued at around 1.1 billion dinars, mainly comprising re-exported products valued at approximately 350 million dinars.

• The total value of imported cars during the past year amounted to about 1.442 billion dinars, compared to approximately 1.112 billion dinars in 2022.

• The total value of imported jewelry reached 363 million dinars, and the total value of imported gold reached 275 million dinars.

Recent statistics show that Kuwait’s total exports in 2023 amounted to approximately 25.9 billion dinars, while total imports during the same period reached about 11 billion dinars. As a result, Kuwait recorded a trade surplus of 14.8 billion dinars. The total trade exchange between Kuwait and countries worldwide in the past year amounted to around 37 billion dinars.

According to figures released by the Central Administration of Statistics, oil and its primary derivatives constituted the majority of Kuwaiti exports, totaling 23.9 billion dinars. On the other hand, the value of other (non-oil) exports stood at approximately 1.1 billion dinars, primarily consisting of re-exported products. The value of re-exported products amounted to about 350 million dinars.

The figures indicate a decline in export value, which was around 30.5 billion dinars in 2022. This was due to a decrease in oil prices and the implementation of voluntary production reduction decisions.

Meanwhile, imports saw a slight increase, settling at 11.06 billion dinars in 2023 compared to 11.005 billion dinars in 2022. This led to a decrease in the trade surplus from 19.5 billion dinars in 2022 to 14.8 billion dinars in the past year (2023).

Surge in passenger cars tops imports

Regarding the list of the most prominent goods and products imported in 2023, cars designed for transporting people topped the list, showing a significant increase compared to the previous year. The total value of imported cars during the past year amounted to about 1.442 billion dinars, compared to approximately 1.112 billion dinars in 2022.

Additionally, the total value of imported telephone devices was about 428 million dinars, up from 365 million dinars in 2022, while the total value of imported jewelry reached 363 million dinars, and the total value of imported gold reached 275 million dinars.

Beauty boom

Cosmetics saw a significant increase in both value and quantity of imports into Kuwait from abroad, with the cost amounting to about 116 million dinars compared to approximately 98 million dinars in 2022. Additionally, the total value of imported medicines reached about 346 million dinars, while the total value of imported cigarettes amounted to about 86 million dinars.

The most important countries from which imports were made are China with 2.2 billion dinars, America with 1.04 billion dinars, the UAE with 1.03 billion dinars, Japan with 704 million dinars, India with 632 million dinars, and Saudi Arabia with 596 million dinars.