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Kuwait’s exports to China reached $2.55 billion in first quarter of 2024

The country’s imports to the East Asian nation in the first three months of this year were approximately $1.07 billion

  • Gulf countries’ imports from China rose to $31.08 billion in the first quarter, up from $27.64 billion in the same period the year before, marking a 12.46% increase.

  • The trade surplus between the Gulf states and China stood at about $8.96 billion in favor of the GCC countries in the first quarter, down from a surplus of $17.29 billion in the comparative period of 2023.

According to official Chinese government data, Kuwait’s exports to China dropped to $2.55 billion in the first quarter of this year, ranking fifth. This marked a 47% decline from the $4.85 billion recorded during the same period in 2023. Kuwait’s imports from China in the first quarter of 2024 were approximately $1.07 billion, down from $1.31 billion in the corresponding period of 2023.

The data revealed a 10.85% contraction in Gulf countries’ exports to the People’s Republic of China in the first quarter of this year, dropping to $40.05 billion from $44.93 billion in the comparative period of 2023. Conversely, Gulf countries’ imports from China rose to $31.08 billion in the first quarter, up from $27.64 billion in the same period the year before, marking a 12.46% increase. The trade surplus between the Gulf states and China stood at about $8.96 billion in favor of the GCC countries in the first quarter, down from a surplus of $17.29 billion in the comparative period of 2023.

The Kingdom of Saudi Arabia accounted for 35% of total exports, with its exports in the first quarter of 2024 totaling about $14.37 billion, down from $16.76 billion in the same period of 2023, marking a 14% decline. Saudi Arabia’s imports from China during the first quarter reached about $11.7 billion, up from $10.61 billion in the previous year’s corresponding period.

In second place, the UAE saw a decrease in its exports to China, amounting to $9.58 billion compared to approximately $9.636 billion in the same period last year, indicating a 0.6% decline. The UAE’s imports from China reached $15.61 billion, up from $13.46 billion in the previous year’s corresponding period.

The Sultanate of Oman ranked third in terms of export value to China in the first quarter, with exports totaling about $7.78 billion compared to $7.88 billion in the same period in 2023, marking a 1.23% decline. Oman’s imports from China amounted to about $1.34 billion, up from $973.68 million in the corresponding period of 2023.

The State of Qatar secured fourth place, with exports to China in the first quarter totaling about $5.75 billion compared to $4.85 billion in 2023, showing an 18.5% increase. Qatar’s imports from China reached about $1.057 billion compared to $815.79 million in the previous year’s corresponding period.

Bahrain held the last position in exports to China, with exports declining by 77% to $18.5 million from $80.54 million in the same period of the previous year. Bahrain’s imports from China amounted to about $303.1 million compared to $457.76 million in the corresponding period of 2023.

Source: Al Anba



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