Kuwait- Mubasher: Kuwait’s trade balance surplus for 2016 retreated to KWD 4.7 billion, its lowest level in eleven years, according to a report by the National Bank of Kuwait (NBK).
The surplus represented about 14% of Kuwait’s gross national production (GDP) in 2016, the report stated.
The decline came due to lower oil export revenues given the drop in oil prices, but a growth in imports during 2017 is expected in accordance with the recovery of oil prices.
Oil exports revenues last year dropped 14.1% – the lowest level in more than 10 years – to KWD 12.5 billion, as non-oil exports revenues fell 17%.
