Kuwait: Visió econòmica i política
Kuwait is highly dependent on foreign trade, which represented 98 % of the GDP in 2021, the latest World Bank data available. As the fourth largest OPEC oil producer, Kuwait's exports earnings mainly come from mineral fuels, oils and distillation products (over 95% of total exports and accounting for almost 50% of the GDP). On the other hand, the country depends particularly on imports of food products, consumer goods and semi-finished products. Imports have increased quickly in recent years due to the country’s undertaking of large projects and a high private consumption demand, and for 2022 they were led by motor cars, radio-telephony transmission tools, medicines, electronics equipments, and jewellery.
Kuwait exports to a wide number of countries, the main ones being United Arab Emirates (1.3%), Saudi Arabia, China, India and Iraq. Kuwait’s largest suppliers are China (18%), the UAE (11.9%), the United States (8%), and Japan with 5.8% (Trading Economics, 2023). Imports from other Gulf countries have increased since joining the GCC (Gulf Cooperation Council).
The county’s exports largely depend on its oil output and global oil prices. In 2021, export of goods increased from 40.11 billion USD in 2020 to 63.12 billion USD, while imports of goods increased from 27.73 billion USD in 2020 to 31.88 billion USD in 2021. This figure is low compared to 2013-14, when the country exported more than double this value. Kuwait has a structurally positive trade balance; however, the country is a net importer of services. In 2021, Kuwait's trade balance excluding services was USD 28.16 billion against USD 3.40 billion a year earlier. Kuwait has been recording trade surpluses since 1993 due to shipments of oil.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 33,573 | 35,864 | 33,574 | 27,738 | 31,889 |
Exports of Goods (million USD) | 55,015 | 71,938 | 64,483 | 40,116 | 63,128 |
Imports of Services (million USD) | 27,180 | 35,388 | 28,650 | 17,464 | 20,675 |
Exports of Services (million USD) | 4,722 | 7,561 | 7,480 | 6,703 | 10,838 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 97.8 | 103.1 | 98.2 | n/a | n/a |
Trade Balance (million USD) | 25,648 | 45,711 | 35,361 | 15,412 | 40,550 |
Trade Balance (Including Service) (million USD) | 2,727 | 16,994 | 13,180 | 3,401 | 28,167 |
Imports of Goods and Services (Annual % Change) | 9.2 | 1.5 | -10.4 | n/a | n/a |
Exports of Goods and Services (Annual % Change) | -4.8 | -0.4 | -10.1 | n/a | n/a |
Imports of Goods and Services (in % of GDP) | 46.6 | 45.6 | 44.9 | n/a | n/a |
Exports of Goods and Services (in % of GDP) | 51.2 | 57.5 | 53.3 | n/a | n/a |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.1 | 0.6 | 2.3 | 2.6 | 3.5 |
Volume of imports of goods and services (Annual % change) | 19.5 | 6.0 | 1.2 | 1.8 | 2.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United Arab Emirates | 1.3% |
Saudi Arabia | 1.2% |
China | 1.1% |
India | 1.1% |
Iraq | 0.8% |
See More Countries | 94.5% |
Main Suppliers (% of Imports) |
2021 |
China | 18.0% |
United Arab Emirates | 11.9% |
United States | 8.0% |
Japan | 5.8% |
Saudi Arabia | 5.3% |
See More Countries | 51.1% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
7.4 bn USD of services exported in 2020 | |
57.56% | |
Telecommunications servicesTelecommunications services | 57.56% |
14.26% | |
Sea transportSea transport | 6.57% |
FreightFreight | 6.57% |
Air transportAir transport | 2.44% |
PassengerPassenger | 1.71% |
FreightFreight | 0.73% |
9.84% | |
Personal travelPersonal travel | 9.84% |
OtherOther | 9.84% |
8.29% | |
7.49% | |
2.21% | |
0.36% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 0.36% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 0.72% |
18.0 bn USD of services imported in 2020 | |
31.95% | |
Personal travelPersonal travel | 31.95% |
OtherOther | 31.95% |
19.66% | |
Construction in the compiling...Construction in the compiling economy | 19.66% |
18.55% | |
Sea transportSea transport | 0.05% |
FreightFreight | 0.05% |
10.31% | |
8.67% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 8.67% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 17.35% |
5.96% | |
3.59% | |
1.27% | |
Telecommunications servicesTelecommunications services | 1.27% |
0.04% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023