Kuwait posts KD 5.67 billion trade surplus in first five months of 2024

• The decline in Kuwait’s trade surplus during the first five months of 2024 was due to a 3.7% drop in exports, which amounted to KD 10.32 billion, down from KD 10.72 billion in the same period last year.

According to data from the Central Bureau of Statistics, Kuwait recorded a commercial surplus of KD 5.67 billion in the first five months of 2024 (January to May), reflecting a 1.3% annual decline compared to the KD 5.75 billion surplus during the same period last year, as reported by Al Anba newspaper.

The volume of trade between Kuwait and its trading partners reached approximately KD 14.97 billion over five months, marking an annual decline of 4.5% compared to KD 15.68 billion during the same period in 2023.

Data from the statistics showed that the decline in Kuwait’s trade surplus during the first five months of this year was due to a 3.7% decrease in exports, which amounted to KD 10.32 billion, down from KD 10.72 billion in the same period last year.

The export volume of oil and its main derivatives, which make up 91.96% of Kuwait’s total exports, dropped by 4.53% in the first five months of this year to KD 9.49 billion, compared to KD 9.93 billion during the same period in 2023.

Kuwait’s market received imports worth KD 4.65 billion in the first five months of this year, a 6.4% decline from KD 4.97 billion during the corresponding period in 2023.

Regarding the monthly performance of Kuwait’s trade balance, its surplus increased by 10.67% in May 2024, reaching KD 969.07 million, compared to KD 875.61 million in the same month last year.

This surplus was supported by a 13.76% decrease in imports to KD 935.69 million, despite a 3.06% decline in exports, which reached KD 1.9 billion. Consequently, Kuwait’s trade volume for May 2024 totaled KD 2.84 billion, down from KD 3.05 billion in May 2023.

Kuwait’s car and jewelry imports drop

The value of cars imported by Kuwait in May this year was approximately KD 129.8 million, compared to KD 149.4 million in May 2023. The value of the country’s imports of pearls, precious stones, and precious metals in May 2024 was about KD 62.7 million, compared to KD 74.9 million during the same period in 2023.

Top five countries driving Kuwait’s imports in May 2024

1. China: Kuwait imported goods worth approximately KD 152 million, representing 16.2% of total imports.
2. United Arab Emirates: Kuwait imported goods worth about KD 124.6 million, accounting for 13.3% of total imports.
3. United States: Kuwait imported goods valued at KD 80.1 million, making up 8.6% of total imports.
4. India: Kuwait’s imports amounted to approximately KD 50.4 million, representing 5.4% of total imports.
5. Saudi Arabia: Kuwait imported goods worth about KD 49.7 million, accounting for 5.3% of total imports.