Data from the US Department of Commerce has revealed that Kuwait’s exports to the United States during the first 11 months of 2023 amounted to approximately $1.44 billion. In contrast, American imports to Kuwait during the same period reached $2.69 billion. As a result, the trade balance between the two countries recorded a deficit of $1.24 billion in favor of the United States, reported Al-Anba Daily.
Looking specifically at the month of November 2023, Kuwait experienced a deficit in its trade balance with the United States worth approximately $74 million. The value of American exports to Kuwait during the month amounted to $173.4 million, while Kuwaiti exports to the United States stood at $99.5 million during the same period. Interestingly, this deficit in the trade balance occurred despite Kuwait’s resumption of oil exports to the United States in November after a temporary halt in October.
Kuwait exported approximately 651,000 barrels of oil, valued at around $55 million, bringing the total oil exports to the United States for the first 11 months of the year to about 6.66 million barrels, worth approximately $567 million. However, Kuwaiti oil prices experienced a monthly decline in November compared to the previous month.
While Kuwaiti crude ended October at levels of $91 to $92 per barrel, it decreased in November and closed the month’s trading at $84 to $85 per barrel. Notably, the overall trade deficit for the Arab Gulf countries with the United States in November amounted to about $1.95 billion, favoring the United States. This occurred as Gulf exports to the United States decreased by about 30% to $2.3 billion, while American exports to the Gulf countries were valued at $4.14 billion. Among the Gulf countries, the UAE had the highest deficit in its trade balance with the United States, amounting to $1.8 billion in November, followed by Qatar with approximately $221 million, and Bahrain with around $124 million.
Kuwait ranked last in terms of the deficit value. However, it is worth mentioning that Oman and Saudi Arabia recorded a surplus in their trade balances with the United States in November. Oman had a surplus of $105 million, while Saudi Arabia had a surplus of $95 million.
