Kuwait sold oil worth KD 10.9 billion during 2020, and this significant improvement in the value of oil exports comes after the gradual rise in Kuwaiti crude oil prices after a sharp collapse in the second quarter of last year, following the outbreak of the Corona pandemic and the asylum of many countries the world to complete closure and stop travel and air traffic, Al Anba daily reported.
During the fourth quarter of last year, oil exports amounted to KD 2.79 billion, and in the third quarter of the year KD 2.78 billion, and the second quarter they witnessed the largest decline to reach KD 1.7 billion, compared to the highest level recorded during the year when it reached KD 3.6 billion in the first quarter of last year.
In contrast to exports, Kuwait’s imports of goods amounted to KD 7.5 billion for the year 2020, and, remarkably, commodity imports witnessed a significant increase during the fourth quarter of last year, reaching more than KD 2 billion, compared to KD 1.8 billion in the third quarter.
Central Bank of Kuwait data show that the current account which shows the summary of receipts and payments between the local economy and other economies concerning transactions of goods, services, and income, recorded a surplus during the fourth quarter of 2020 amounting to about KD 3.5 billion dinars, compared to a surplus of about KD 2.3 billion dinars during the quarter. Previously, an increase of 1.1 billion dinars, or 50.6%.
The increase in the current account surplus is mainly due to the increase in the value of the total receipts included in the credit side of the current account by about KD 1.2 billion, or 16.7%, compared to the previous quarter, on the one hand, and the increase in the value of the total payments included in the debit side of the current account by about KD 59.5 million, or by 1.2% compared to the previous quarter, on the other hand.
Preliminary data also show a decrease in the value of the commodity balance surplus during the fourth quarter of 2020 by about KD143.7 million, or 11.4%, compared to the previous quarter, bringing the value of this surplus to about KD 1113.4 million, compared to about KD 1257.1 million during the previous quarter.
SOURCE : TIMES KUWAIT