Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Trade surplus slips slightly on lower oil prices in 2013  Join our daily free Newsletter

MENAFN - Arab Times - 30/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Recent data show that Kuwait's trade surplus edged down to KD 24.3 billion in 2013, from a record KD 25.7 billion in 2012. The surplus - estimated at around 48% of 2013 GDP - was pushed down by lower oil export receipts during the year. Nevertheless, the surplus is still the second-highest on record, and extremely large by international standards. Though figures for the current account position have not yet been released, we expect it to have recorded another stellar year on the back of strong trade data. A current account surplus of up to 40% of GDP for 2013 seems likely





Oil exports edged down to KD 30.8 billion in 2013, some 3% lower than a year earlier. This was due to lower oil prices, as oil markets eased in 2013 on the back of surging non-OPEC supplies and modest growth in global demand. Kuwait export crude prices averaged 105 per barrel during the year, some 4 (4%) lower than in 2012. Meanwhile, non-oil exports climbed to a record KD 1.9 billion - though still account for only 6% of total exports. These were mainly driven by higher exports of ethylene products, which were up by a large 16% y/y. Ethylene products' contribution to non-oil exports has risen significantly over the past few years, from 12% in 2008 to some 40% by 2013 - partly related to capacity expansion in Kuwait's petrochemical sector.





Imports saw steady growth of around 9% in 2013, and reached an all-time high of KD 8.3 billion. Imports provide an important indicator of domestic economic activity. On one crude measure, the latest import figures could indicate stable growth in non-oil GDP in 2013 - for which data is not yet available. Within the non-oil economy, Kuwait's consumer sector has been an important growth driver; imports of consumer goods have grown at a faster rate than other types of imports in recent years.

This year, we expect the trade balance to shrink further, though remain very large. Oil markets are expected to loosen in 2014, putting downward pressure on prices and reducing oil export receipts. Meanwhile, the outlook for imports is mixed. A faster pace of execution of stalled government projects would provide a much-needed boost to the economy, while recent signs point to a slight softening in the consumer sector. Despite the latter, consumer spending should remain relatively strong, supporting growth in imports

 






  MENA News Headlines
 Sep 1 2014 - Power oil & gas sectors account for 60 of SR84.9bn contractsArab News
(MENAFN - Arab News) Saudi Arabia recorded a significant upswing in the value of awarded contracts during the second quarter of 2014 as it reached SR84.9 billion. It marked a strong rebound from the ...

 Sep 1 2014 - TADAWUL: Insurance Energy sectors surge over 2Arab News
(MENAFN - Arab News) Saudi Arabia's benchmark the Tadawul All-Share Index (TASI) closed at 11112.12 and ended its Sunday's trading up over seventy points or 0.63 percent. Its year-to-date return ...

 Sep 1 2014 - Basketball: US Spain move to 2-0 Senegal picks up historic winArab News
(MENAFN - Arab News) SEVILLE Spain: United States and Spain both collected their second straight win at the 2014 FIBA Basketball World Cup on Sunday while Croatia fought off tough Argentina and ...

 Sep 1 2014 - Gilas Pilipinas under pressure after 2nd defeat by GreeceArab News
(MENAFN - Arab News) SEVILLE Spain: Gilas Pilipinas ran into a solid Greek wall on Sunday night and was driven on cliff's edge in the Fiba World Cup.Greece used its huge advantage in size and heft to ...

 Sep 1 2014 - Saudi - Labor law violation: 18773 companies face actionArab News
(MENAFN - Arab News) The Labor Ministry has slapped fines worth more than SR10 million on companies after its inspectors found 62762 labor rule violations during raids carried out over the past nine ...

 Sep 1 2014 - Salman-Hollande talks to focus on Mideast turmoilArab News
(MENAFN - Arab News) Turmoil across the Middle East which has led to the death and displacement of millions of innocent people will top the agenda of talks between Crown Prince Salman deputy premier ...

 Sep 1 2014 - Pakistani Army vows to protect democracyArab News
(MENAFN - Arab News) ISLAMABAD: The much-vaunted Pakistan Army declared on Sunday that it was committed to protecting democracy in the wake of anti-government protests.According to media reports ...

 Sep 1 2014 - Breakthrough in GCC-Qatar rowArab News
(MENAFN - Arab News) Saudi Arabia and other GCC states have reached a breakthrough toward ending their dispute with Qatar having agreed on principles to overcome differences leaders of thesix-member ...

 Sep 1 2014 - Cyberspace turning into battlefieldArab News
(MENAFN - Arab News) The US has launched a social media offensive against the Islamic State (IS) and Al-Qaeda setting out to win the war of ideas by ridiculing the militants with a mixture of blunt ...

 Sep 1 2014 - Japan France share spoils in team eventArab News
(MENAFN - Arab News) CHELYABINSK Russia: Japan and France took home the gold medals in the team competition on the final day of the judo World Championships in Chelyabinsk on Sunday.Japan recovered ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help