Oil exports power Kuwait’s KD 21.12 billion revenue in 2024
The country’s trade surplus reached KD 11.6 billion in 2024, with total trade exchange at KD 34.99 billion, exports at KD 23.3 billion, and imports at KD 11.68 billion.
• Oil exports accounted for 90.6% of Kuwait’s total exports, while non-oil exports rose by 17%. The value of re-exports also saw a significant jump of 47%.
Kuwait’s trade surplus for 2024 reached approximately KD 11.6 billion, with total trade exchange amounting to KD 34.99 billion, according to foreign trade data. Exports stood at KD 23.3 billion, while imports totaled KD 11.68 billion. Oil and derivative exports generated around KD 21.12 billion in revenue last year, Al Anba newspaper reported.
The latest data from the Central Statistical Bureau shows that oil exports accounted for 90.6% of Kuwait’s total exports, while non-oil exports rose by 17%. The value of re-exports also saw a significant jump of 47%.
Foreign trade data, which includes the balance of trade and trade exchange, revealed that Kuwait’s trade surplus stood at KD 11.6 billion in 2024, reflecting an 18.4% decline (KD 2.6 billion) compared to a surplus of KD 14.23 billion in 2023. The country’s total trade exchange amounted to KD 34.99 billion in 2024, marking a 5.8% decrease (KD 2.13 billion) from KD 37.13 billion in 2023.
Kuwait’s imports jump in 2024
Kuwait’s imports jumped 2.1% (KD 238 million) in 2024, reaching KD 11.68 billion, compared to KD 11.44 billion in 2023. Meanwhile, the country’s total exports declined by 9.3% (KD 2.37 billion), falling to KD 23.3 billion by the end of 2024, compared to KD 25.68 billion at the end of 2023.
Export data indicated that Kuwait’s revenue from oil and its primary derivatives dropped significantly by 11.8% (KD 2.84 billion), reaching KD 21.12 billion in 2024, down from KD 23.97 billion in 2023.
Additionally, total exports of national origin decreased by 10.6% (KD 2.66 billion), amounting to KD 22.43 billion in 2024, compared to KD 25.09 billion in 2023.
Non-oil exports of national origin rise 17%
However, non-oil exports of national origin rose by approximately 17% (KD 190 million), reaching KD 1.31 billion by the end of 2024, up from KD 1.12 billion in December 2023.
The value of re-exported goods recorded a sharp increase of 47% (KD 277 million), reaching KD 868.17 million in 2024, compared to KD 590.9 million in 2023.
