Kuwait’s trade surplus declined by 14.9% in the first ten months of 2024, reaching KD 10.1 billion, down from KD 11.87 billion during the same period in 2023, according to data from the Central Bureau of Statistics. This reduction in surplus comes amid a decline in both imports and exports, contributing to a decrease in overall foreign trade exchange.
The total value of Kuwait’s foreign trade dropped by 6.7%, falling to KD 29.1 billion from KD 31.2 billion last year. Imports saw a modest decline of 1.65%, totaling KD 9.5 billion, compared to KD 9.66 billion in 2023. Meanwhile, total exports fell by 8.9%, down by KD 1.93 billion, to KD 19.6 billion, compared to KD 21.54 billion in 2023.
A significant factor behind the drop in exports was a 10.3% decrease in national origin exports, which fell to KD 18.88 billion from KD 21.05 billion. This was primarily due to a sharp decline in oil exports, which dropped by 11.6% to KD 17.79 billion. However, non-oil exports saw a positive shift, increasing by 16.8% to KD 1.08 billion. Re-exports also showed a strong performance, growing by 50.5% to KD 730.66 million.
In terms of trade partners, Kuwait’s top import sources were China, the UAE, the United States, Japan, India, Germany, and Saudi Arabia. As for export destinations, Kuwait’s main markets included India, the UAE, Iraq, Saudi Arabia, and China.
The data also highlighted a monthly decline in the trade surplus for October, which fell by 34.9% to KD 813.25 million compared to KD 1.25 billion in the same month last year. This was due to a 17.62% drop in exports, which totaled KD 1.87 billion, and a slight increase in imports, which rose by 3.3% to KD 1.05 billion.
The volume of trade exchange also decreased by 11.25%, dropping to KD 2.92 billion from KD 3.29 billion a year earlier. Fuel and lubricating oil exports were the largest contributors to the export value, accounting for 88.9% of total exports, valued at KD 1.66 billion.
Despite the challenges, Kuwait continues to see strong trade ties with its key global partners, reflecting ongoing shifts in the global economy and trade dynamics.
