Mubasher: Kuwait’s trade surplus leapt 77.1% year-on-year in the first 11 months of 2018, according to data released by the Central Statistical Bureau (CSB).
From January to November, the GCC nation’s trade balance surplus amounted to KWD 10.23 billion ($33.83 billion), against KWD 5.78 billion ($19.11 billion) in the corresponding period of 2017.
The rise in trade surplus was supported by the 34.2% year-on-year growth in Kuwait’s exports to KWD 20.15 billion in the January-to-November period of 2018, from KWD 15.02 billion.
Meanwhile, Kuwait’s imports grew 7.4% to KWD 9.92 billion in the 11-month period, against KWD 9.24 billion in the same period of 2017.
The Gulf nation’s trade balance surged 24% to KWD 30.07 billion in the 11 months ended 30 November 2018, compared to KWD 24.26 billion in the corresponding months a year earlier.
Monthly performance
Kuwait’s trade surplus jumped 22.8% to KWD 905 million in November, from KWD 737 million in the same period of 2017, on the back of a 9.4% rise in exports to KWD 1.70 billion, against KWD 1.56 billion.
Meanwhile, the GCC nation's trade balance went up 5.3% to KWD 2.51 billion in November, from KWD 2.38 billion a year ago.
Fossil fuels topped Kuwait’s exports at KWD 1.56 billion in November, followed by organic chemicals at KWD 51 million.
Machines and electric devices led Kuwait’s imports with KWD 116.9 million, followed by vehicles and motorcycles with KWD 111.8 million.
Trade partners
India was the top importer of oil goods from Kuwait with KWD 22.4 million in November, followed by China, the UAE, and Iraq with KWD 21.8 million, KWD 20.1 million and KWD 13 million, respectively, according to the CSB's data.
Meanwhile, China headed the top exporting countries to Kuwait with KWD 157.9 million, followed by the US, UAE, and Japan with KWD 64.8 million, KWD 63.8 million and KWD 57.3 million, respectively.
Kuwait’s exports to neighbouring GCC countries grew 0.8% to KWD 52.6 million in November from KWD 52.2 million in the same month a year earlier.
