Xifres de comerç exterior de Kuwait

Foreign Trade in Figures

Kuwait is highly dependent on foreign trade, which represented 98% of its GDP (World Bank, latest data available). As the fourth-largest OPEC oil producer, Kuwait's export earnings mainly come from mineral fuels, oils, and distillation products, which account for over 95% of total exports and almost 50% of the GDP. On the other hand, the country relies particularly on imports of food products, consumer goods, and semi-finished products. Imports have increased rapidly in recent years due to the country's undertaking of large projects and high private consumption demand. For 2022, imports were led by motor cars, radio-telephony transmission tools, gold, medicaments, and iron or steel tubes (data Comtrade).

Kuwait exports to a wide number of countries, with the main ones being the United Arab Emirates, India, Saudi Arabia, China, and Pakistan. Kuwait's largest suppliers are China (18.8%), the UAE (11.9%), the United States (8.6%), India (5.5%), and Saudi Arabia (5.3% - data Comtrade). Kuwait permits duty-free entry of GCC goods that adhere to origin criteria. To qualify for preferential duty status, each product must demonstrate that at least 40% of its value added originates from a GCC member country, with the producing firm's capital ownership by GCC citizens reaching 51%. In April 2018, Kuwait endorsed the World Trade Organization Trade Facilitation Agreement, aimed at streamlining customs and border procedures, enhancing transparency and information accessibility, and reducing trade expenses.

The country's exports largely depend on its oil output and global oil prices, and Kuwait has been recording trade surpluses since 1993. In 2022, the export of goods increased to a record-high USD 101.2 billion (+60.4% y-o-y) amid high hydrocarbon prices, while imports stood at USD 32.3 billion (+1.4%). Kuwait has a structurally positive trade balance; however, the country is a net importer of services, with USD 10.6 billion in exports against USD 26.5 billion in imports in 2022.