Trade Trend

In 2023, Kuwait's total export value is 77.55Billion USD, total import value is 23.92Billion USD, Surplus is 53.63Billion USD, and foreign trade dependency is 0.627. In 2023，Kuwait's top export products are Petroleum oils and oils obtained from bituminous minerals; crude(47.82Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(21.96Billion USD), Petroleum gases and other gaseous hydrocarbons(3.22Billion USD), top export destinations are China(17.17Billion USD), South Korea(9.68Billion USD), Japan(9.15Billion USD). In 2023, Kuwait's top import products are Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(4.18Billion USD), Tubes, pipes and hollow profiles, seamless, of iron (other than cast iron) or steel(587.32Million USD), Medicaments; (not goods of heading no. 3002, 3005 or 3006) consisting of mixed or unmixed products for therapeutic or prophylactic use, put up in measured doses (incl. those in the form of transdermal admin. systems) or packed for retail sale(557.77Million USD), top import origins are China(5.22Billion USD), United States(2.92Billion USD), Japan(1.95Billion USD).

Comparing to 2022, Kuwait's total export value decreased -22.22Billion USD(-22.27%) in 2023, this could result from its export decreases of products such as Petroleum oils and oils obtained from bituminous minerals; crude(-20.21Billion USD or -29.70%), Petroleum gases and other gaseous hydrocarbons(-516.69Million USD or -13.82%), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(-484.87Million USD or -98.87%) and export decreases to countries/economics such as Turkey(-118.51Million USD or -53.15%), Jordan(-61.72Million USD or -48.29%), Hong Kong CN(-12.83Million USD or -30.11%). Comparing to 2022, Kuwait's total import value decreased -12.01Billion USD(-33.42%) in 2023, this could result from its import decreases of products such as Telephone sets, including smartphones and other telephones for cellular/wireless networks; other apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks), excluding items of 8443, 8525, 8527, or 8528(-1.16Billion USD or -78.67%), Gold (including gold plated with platinum) unwrought or in semimanufactured forms, or in powder form(-1.02Billion USD or -91.82%), Jewellery articles and parts thereof, of precious metal or of metal clad with precious metal(-980.05Million USD or -76.81%), and its import decreases from countries/economies such as China(-1.52Billion USD or -22.56%), Italy(-421.72Million USD or -30.33%), Vietnam(-383.64Million USD or -87.60%).

Cumulated to first 7 months of 2024, Kuwait's total export value is 24.47Billion USD, total import value is 8.11Billion USD, and tradesurplus is 16.36Billion USD. Cumulated to first 7 months of 2024, Kuwait's top export products are Petroleum oils and oils obtained from bituminous minerals; crude(14.44Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(7.35Billion USD), Petroleum gases and other gaseous hydrocarbons(1.12Billion USD), and top export destinations are China(4.80Billion USD), South Korea(3.67Billion USD), Japan(3.29Billion USD). Cumulated to first 7 months of 2024, Kuwait's top import products are Petroleum oils and oils obtained from bituminous minerals; crude(14.44Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(7.35Billion USD), Petroleum gases and other gaseous hydrocarbons(1.12Billion USD), and top import origins areChina(1.76Billion USD), United States(978.13Million USD), India(863.04Million USD).