Kuwait’s trade surplus dips 14.9% to hit KD 10.1 billion in first ten months of 2024
Data from the Central Bureau of Statistics showed a 1.65% drop in imports to KD 9.499 billion, down from KD 9.659 billion, while total exports fell 8.9% to KD 19.6 billion, down by KD 1.933 billion.
• Kuwait’s main import partners were China, the UAE, the United States, Japan, India, Germany, and Saudi Arabia. National origin exports fell 10.3% to KD 18.876 billion, mainly due to a drop in oil exports.
Foreign trade data revealed that Kuwait’s trade surplus dropped by 14.9%, or approximately KD 1.77 billion, reaching KD 10.1 billion in the first ten months of 2024, down from KD 11.879 billion in the same period of 2023. Additionally, foreign trade exchange declined by 6.7%, falling by about KD 2.093 billion to KD 29.106 billion, compared to KD 31.2 billion last year, Al Rai newspaper reported.
Data from the Central Bureau of Statistics revealed a 1.65% decline in the import bill during this period, dropping to KD 9.499 billion from KD 9.659 billion. Kuwait’s total exports also fell by 8.9%, a decrease of KD 1.933 billion, to KD 19.6 billion compared to KD 21.539 billion.
Exports of national origin accounted for the lion’s share despite a 10.3% decline, falling by KD 2.177 billion to KD 18.876 billion from KD 21.05 billion. This decline was largely due to a significant drop in oil exports, which decreased by 11.6%, or KD 2.334 billion, to KD 17.79 billion compared to KD 20.124 billion. These oil exports included mineral fuels, mineral oils, and distillation products.
On the other hand, non-oil exports of national origin saw a notable increase of 16.8%, rising by KD 156.1 million to KD 1.085 billion, compared to KD 929.22 million. Re-exported exports also grew by 50.5%, rising by KD 270 million to KD 730.659 million, compared to KD 485.223 million.
In terms of monthly performance, the trade surplus declined by 34.9% in October, reaching KD 813.25 million compared to KD 1.248 billion. Exports fell by 17.62%, dropping to KD 1.87 billion from KD 2.269 billion, while imports grew by 3.3%, increasing to KD 1.05 billion from KD 1.02 billion.
The volume of trade exchange also decreased by 11.25% year-on-year, falling to KD 2.92 billion from KD 3.29 billion. Fuel and lubricating oil exports made up the lion’s share, accounting for 88.9% of exports, valued at KD 1.66 billion. Meanwhile, industrial supplies not categorized elsewhere represented 24.2% of Kuwait’s imports, amounting to KD 255.22 million.
As for Kuwait’s key trading partners, China, the United Arab Emirates (UAE), the United States, Japan, India, Germany, and Saudi Arabia were the main countries from which Kuwait imported goods. In terms of exports, India, the UAE, Iraq, Saudi Arabia, and China were Kuwait’s most significant destinations.
