Kuwait’s trade balance surplus experienced a notable decline in the second quarter of 2023, decreasing by approximately 44 percent to reach 3.244 billion dinars, as reported by the Central Administration of Statistics. This figure represents a significant drop from about 5.8 billion dinars in the second quarter of the previous year.
According to foreign trade data for the same period, Kuwait’s trade exchange also saw a decrease of about 22 percent, falling to 8.986 billion dinars compared to 11.518 billion dinars during the second quarter of 2022.
The decline in trade balance is attributed to a significant drop in Kuwait’s exports during the second quarter of 2023, which fell by approximately 29.3 percent, amounting to 6.115 billion dinars compared to 8.654 billion dinars in the same period the previous year. This decrease was primarily driven by reduced oil exports and their derivatives, which dropped by about 30.9 percent to reach 5.649 billion dinars, marking their lowest level since the fourth quarter of 2021.
In contrast, Kuwait’s imports during the second quarter of 2023 amounted to approximately 2.87 billion dinars, showing a modest increase of 0.38 percent compared to their value in the corresponding period of 2022, which stood at 2.859 billion dinars.
The trade balance surplus for the first half of 2023 also saw a decline of 34.3 percent, reaching 6.881 billion dinars compared to 10.472 billion in the same period in the previous year. Similarly, trade exchange fell by 12.6 percent, totaling 18.555 billion dinars, in comparison to 21.224 billion during the first half of 2022.
Kuwait’s exports in the first half of 2023 amounted to 12.718 billion dinars, marking a 19.7 percent decrease from the same period in 2022 when they amounted to 15.843 billion. The decline is primarily due to a 21 percent decrease in oil exports, falling to 11.784 billion dinars from 14.928 billion dinars in the first half of 2022. In contrast, Kuwait’s imports for the first half of 2023 increased by 8.5 percent, reaching 5.835 billion dinars, compared to 5.376 billion in the same period the previous year.