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Kuwait records trade deficit with the United States in 2023

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.



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