Kuwait's Trade With Global Partners Skyrockets To 37 Billion Dinars

Recent statistics divulge Kuwait's trade performance in 2023, showcasing a robust trade surplus amidst fluctuations in export and import figures. Total exports for the year amounted to approximately 25.9 billion dinars, while imports reached about 11 billion dinars, resulting in a trade surplus of 14.8 billion dinars. The total trade exchange with countries worldwide stood at around 37 billion dinars.

Oil and its primary derivatives constituted the bulk of Kuwaiti exports, totaling 23.9 billion dinars. Non-oil exports, primarily re-exported products, amounted to approximately 1.1 billion dinars, with re-exported products alone valued at about 350 million dinars.

The decline in export value, from around 30.5 billion dinars in 2022, was attributed to reduced oil prices and voluntary production reduction decisions. Conversely, imports saw a marginal increase, settling at 11.06 billion dinars in 2023 compared to 11.005 billion dinars in 2022, leading to a decrease in the trade surplus from 19.5 billion dinars in 2022 to 14.8 billion dinars in 2023.

Among the notable imported goods in 2023, passenger cars witnessed a surge, with imports valued at about 1.442 billion dinars, up from approximately 1.112 billion dinars in 2022. Imported telephone devices and jewelry also saw significant increases, reaching 428 million dinars and 363 million dinars, respectively.

Cosmetics emerged as a booming import category, with imports valued at about 116 million dinars, compared to approximately 98 million dinars in 2022. Meanwhile, imported medicines totaled about 346 million dinars, and imported cigarettes amounted to about 86 million dinars.

China emerged as the top import partner for Kuwait, with imports totaling 2.2 billion dinars, followed by the United States, the UAE, Japan, India, and Saudi Arabia.

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