Kuwait’s trade performance in the first half of 2023 showed that the nation continues to maintain a healthy trade surplus, amounting to 6.8 billion dinars, thanks to a balanced trade equation. Total Kuwaiti exports for the same period reached approximately 12.7 billion dinars, with imports standing at about 5.8 billion dinars.
The backbone of Kuwait’s export sector remains oil and its basic derivatives, which accounted for the majority of exports, totaling 11.7 billion dinars. Non-oil exports, including other products, contributed around 582 million dinars to the total export value. Re-exported products played a notable role as well, amounting to about 350 million dinars. These figures are derived from data released by the Central Administration of Statistics.
The data shows a decline in the total export value when compared to the corresponding period in the previous year, which was approximately 15.7 billion dinars. This decline can be attributed to the dual factors of falling oil prices and voluntary production reduction decisions.
On the flip side, imports increased during the first half of the year, reaching about 5.8 billion dinars, compared to around 5.1 billion dinars during the same period the previous year.
The report highlights the most notable imported goods and products in H1 2023, with cars leading the way. The value of imported cars amounted to 742.5 million dinars, marking a significant increase from the 489.2 million dinars spent on car imports during the corresponding period the previous year, representing a growth of 34.1%. Additionally, imports included telephone sets (approximately 225.8 million dinars), jewelry and gold (310.2 million dinars), medicines (165 million dinars), serums and vaccines (74.1 million dinars), cosmetics (62.8 million dinars), and cigarettes (50.2 million dinars).
The figures also revealed imports of live animals (31.4 million dinars), fish and crustaceans (33 million dinars), and edible fruits and vegetables (75 million dinars) during the same period.
Kuwait’s top trading partners in H1 2023 include China (1.1 billion dinars), the United States (536 million dinars), the United Arab Emirates (531 million dinars), Japan (357 million dinars), India (322 million dinars), and Saudi Arabia (304 million dinars). These countries played a significant role in Kuwait’s import and export activities during the period.