Xifres de comerç exterior de Kuwait

Foreign Trade in Figures

Kuwait is highly dependent on foreign trade, which represents 91% 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. In 2023, imports were led by cars (11.8%), petroleum gas (6.0%), broadcasting equipment (3.6%), packaged medicaments (3.0%), and jewellery (2.9% - data OEC).

Kuwait exports to a wide number of countries, with the main ones in 2023 being China (24.5%), India (13.4%), Japan (12.9%), Chinese Taipei (6.7%), and the United Kingdom (4.7%). In the same year, Kuwait's largest suppliers were China (17.6%), the United Arab Emirates (9.9%), the United States (9.2%), Saudi Arabia (5.6%), and Japan (5.5% - data OEC). Kuwait permits duty-free entry of GCC goods that meet origin criteria. To qualify for preferential duty status, a product must have at least 40% of its value-added within a GCC member country. Additionally, for industrial firms benefiting from this preference, at least 51% of their capital must be owned by GCC citizens. Kuwait has also endorsed the World Trade Organization Trade Facilitation Agreement, which aims to streamline customs and border procedures, enhance transparency and information accessibility, and reduce trade costs.

The country's exports largely depend on its oil output and global oil prices, and Kuwait has been recording trade surpluses since 1993. In 2023, the export of goods decreased to USD 85.4 billion (-14.5% y-o-y) amid lower hydrocarbon prices, while imports stood at USD 37.3 billion (+8.1%). Kuwait has a structurally positive trade balance; however, the country is a net importer of services, with USD 11.5 billion in exports against USD 29.1 billion in imports in 2023. Preliminary data from the Central Statistical Bureau shows that the country's trade surplus reached KWD 11.6 billion in 2024, with total trade exchange amounting to KWD 34.99 billion, exports at KWD 23.3 billion, and imports at KWD 11.68 billion. Oil exports accounted for 90.6% of Kuwait’s total exports, while non-oil exports rose by 17%. The value of re-exports also saw a significant increase of 47%.