Official data has revealed a notable increase of 13.3% in Kuwait’s import bill for goods from abroad, which reached approximately one billion dinars during the first nine months of 2023. This surge can be attributed to global waves of price inflation and a growth in the volume of merchandise imported, amounting to over 2.9 million tons of goods.
Detailed statistics illustrate that the total value of merchandise imports into Kuwait between January and September amounted to around 8.64 billion dinars, compared to 7.6 billion dinars during the same period in 2022, as reported by Al-Anba Daily.
The volume of goods imported by Kuwait witnessed a 12.4% increase, reaching 26.8 million tons during the January to September period in 2023, compared to 23.84 million tons recorded for the corresponding period in 2022. This significant growth in imports reflects the country’s continued reliance on international trade to meet its domestic needs.
Among Kuwait’s major import partners, the United Arab Emirates (UAE) accounted for approximately 787 million dinars, while imports from Saudi Arabia amounted to around 444 million dinars. China represented the largest share at 2.89 billion dinars, equivalent to 33% of Kuwait’s imports. Other significant import partners included Japan, India, Thailand, and Egypt.
It is worth noting that while Kuwait’s import bill has seen a substantial increase, the country’s export revenues experienced a decline of 18.7% during the first nine months of the current year. This decline is significant, totaling 4.47 billion dinars by the end of September, compared to 23.83 billion dinars achieved during the same period in 2022.
Despite the decrease in export revenues, the quantity of goods exported from Kuwait saw a slight increase of 1.39%, amounting to 1.34 million tons. The total value of these exports during January to September 2023 reached approximately 97.26 million tons, compared to 95.9 million tons for the same period in 2022. This indicates that although the value of exports has decreased, Kuwait is still able to maintain a steady flow of goods to international markets.
In terms of export destinations, the UAE was the primary recipient, with Kuwait exporting goods worth around 285 million dinars to the country. Saudi Arabia followed with imports valued at 160 million dinars, while Iraq received 93 million dinars of Kuwaiti exports. Smaller shares of exports went to Gaza, Pakistan, Turkey, China and Hong Kong, India, and Egypt.
The data highlights the importance of international trade for Kuwait’s economy, both in terms of imports and exports. While the increase in the import bill may raise concerns about the country’s trade balance, it also indicates a growing demand for goods within Kuwait. The decline in export revenues, on the other hand, suggests the need for further exploration of new markets and diversification of export products to mitigate any potential risks.
Overall, Kuwait’s import bill has experienced a significant surge, driven by global price inflation and increased volume of merchandise imported. The country’s export revenues, however, have declined, emphasizing the need for strategic measures to promote export growth and maintain a balanced trade position.
Source: TimesKuwait
