Mubasher: Kuwait’s trade surplus shrank by 36.9% year-on-year in August, according to official preliminary foreign trade data.
The Gulf country’s overall trade balance surplus reached KWD 760 million ($2.51 billion) in August, compared with KWD 1.205 billion ($3.97 billion) a year ago, Central Statistical Bureau (CSB) said.
This came as a result of a 24.3% drop in Kuwaiti exports to KWD 1.495 billion, which more than offset a decline of 4.7% in imports to KWD 735 million.
The volume of trade also contracted by 18.8% to KWD 2.23 billion last August, compared with KWD 2.747 billion the year before.
China: Kuwait’s top trade ally
China was one of the top destinations for Kuwaiti exports, excluding petroleum products, in August, as they totalled KWD 21.3 million, the CSB said.
Meanwhile, China was one of the prominent importer, with total Kuwaiti imports from the Asian nation hitting KWD 156.1 million.
Kuwait’s exports to GCC countries amounted to KWD 42.5 million during the month, a 4.3% year-on-year growth.
