Lower Oil Income Takes $8Bn Off Kuwait’S Trade Surplus

A fall in oil export revenues caused by lower output and a drop in prices pushed Kuwait’s trade surplus down by nearly $8.5 billion in 2024, official data shows.

The surplus plunged by more than 18 percent year on year to reflect the country’s heavy reliance on crude sales in its national income and commercial exchanges.

Kuwait’s total exports fell by 9 percent to KD23 billion ($77 billion) in 2024 from KD26 billion in 2023, the Central Statistics Bureau said on Wednesday.

Imports increased to KD12 billion dinars from KD11 billion in the same period.

Lower exports allied with an increase in imports combined to depress the Gulf emirate’s trade balance to KD12 billion in 2024 from nearly KD14 billion in 2023.

The report showed the narrowing in the surplus was mainly due to lower oil export revenues, which accounted for more than 90 percent of Kuwait’s total exports.

Exports of crude oil and petroleum products dropped to KD21 billion in 2024 from KD24 billion in 2023.

In 2022, when oil prices shot above $100, Kuwait’s crude exports surged to an all-time high of KD29 billion.

The surge lifted the emirate’s trade surplus to a record high of KD20 billion, the report showed.