Kuwait’s exports to China soar to $495.46 million in February

• The value of imports from China to Gulf countries in February amounted to about $8.58 billion

• While Saudi Arabia accounted for 39% of total exports, with its exports reaching $4.856 billion, the UAE’s in exports to China totaled $2.939 billion

• Exports from the Gulf Cooperation Council countries to China contracted by 17% over the past year to $173.19 billion

Official data from the Chinese government shows Kuwait’s exports to China dipped in February, placing fifth among Gulf nations. Exports totaled around $495.46 million, down 54% from $1.069 billion the previous year

On the other hand, Kuwait recorded imports from China in February at about $292.94 million, compared to $159.12 million in the corresponding period of 2023.

At the level of the Gulf Cooperation Council (GCC) countries, data showed an 8.14% decrease in Gulf exports to the People’s Republic of China during the month of February, reaching $12.17 billion compared to $13.25 billion in the same period in 2023.

The value of imports from China to Gulf countries during the specified period amounted to about $8.58 billion, compared to $6.53 billion in the preceding year.

The trade surplus between the countries stood at $3.59 billion in favor of the Gulf countries in February, down from $6.72 billion in the same period in 2023.

The Kingdom of Saudi Arabia accounted for 39% of total exports, with its exports in February 2024 reaching approximately $4.856 billion, compared to $4.546 billion for the same period in 2023, reflecting a decline of 6.82%. Additionally, the value of Saudi Arabia’s imports from the Republic of China in February 2024 amounted to about $8.584 billion, up from $6.535 billion in the corresponding period of the previous year.

The UAE, in second place, experienced a 3.03% decline in exports to China in February this year, totaling $2.939 billion compared to about $3.031 billion in the same month last year. Additionally, the value of the UAE’s imports from China reached $4.363 billion, up from $3.254 billion in the corresponding period of the previous year.

The Sultanate of Oman came in third place, with its exports to China in February amounting to about $2.111 billion, down by 22.30% from exports totaling $2.717 billion for the same period in 2023. The value of Oman’s imports from the Republic of China reached about $365.06 million, compared to $230.81 million in the corresponding period of 2023.

Qatar came in fourth place, with its exports to China in the second month totaling about $1.767 billion, a 3.9% decrease from exports of $1.839 billion for the same period in 2023.

Bahrain’s exports ranked last, experiencing an 89% decline in exports to China in February this year, reaching $5.76 million compared to $52.32 million in the same period last year.

The data showed that China’s exports decreased by 3% to $220.28 billion in February this year, compared to $214.025 billion in the same period last year.

Meanwhile, America’s imports declined to $180.57 billion in the second month of this year, down from imports of $197.204 billion in the same month of 2023.

It is noteworthy that exports from the Gulf Cooperation Council countries to the People’s Republic of China contracted by 17% over the past year to $173.19 billion, down from $209.01 billion in 2022.