Quotes: 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

 


Arab Times




  MENA News Headlines
 May 24 2015 - MSM30 index weighed down by weak activityMuscat Daily
(MENAFN - Muscat Daily) The general index of the Muscat Securities Market (MSM) inched down 0.12 per cent to close at 6375.43. With a total of 49 stocks traded on the bourse on Sunday the market ...

 May 24 2015 - Oman Fisheries posts 3rd straight annual lossMuscat Daily
(MENAFN - Muscat Daily) Oman Fisheries Co posted its third consecutive year of losses with its deficit widening to RO1.75mn for the financial year ended March 31 2015.  The company has ...

 May 24 2015 - The company has registered a loss of RO711,021 in the previous fiscal.Muscat Daily
(MENAFN - Muscat Daily) Bank Sohar has mandated Arab Banking Corporation as the sole book-runner and initial mandated lead arranger to arrange on its behalf a debut US$250mn syndicated term loan ...

 May 24 2015 - OPWP to sign deals today to develop Salalah power plantMuscat Daily
(MENAFN - Muscat Daily) Oman Power and Water Procurement Co (OPWP) the sole procurer of all new power generation and water desalination capacity in Oman will sign a number of agreements for phase two ...

 May 24 2015 - Team of researchers set to explore how UAE brands are perceived globallyKhaleej Times
(MENAFN - Khaleej Times) The University of Wollongong in Dubai (UOWD) is set to lead a global team of researchers into unchartered territory as they explore how brands from the UAE are perceived ...

 May 24 2015 - Cozmo Travel increases presence in UAEKhaleej Times
(MENAFN - Khaleej Times) The Ras Al Khaimah branch was inaugurated by Engineer Shaikh Salem bin Sultan bin Saqr Al Qasimi chairman of Department of Civil Aviation RAK. Dubai - Cozmo ...

 May 24 2015 - Sahara Centre revs up with performance car bike displayKhaleej Times
(MENAFN - Khaleej Times) Sahara Centre is currently hosting a nine-day sports car and motorcycle display from May 21 to 29 giving the regions petrol-heads the opportunity to encounter the very best. ...

 May 24 2015 - Candle lighting at RAKCONKhaleej Times
(MENAFN - Khaleej Times) 15 Emirati local nursing students and 11 international students lit their candle from the dean and the senior faculty of RAKCON. The Vice-Chancellor Dr S.G.M. Rao ...

 May 24 2015 - Cosmos launches new Sharp smart LED TVKhaleej Times
(MENAFN - Khaleej Times) Sharp Middle East conducted a Facebook competition to educate consumers about unique Cocoro Eye feature. Khushbu Gandhi receives an award at a ceremony at the Cosmos ...

 May 24 2015 - Dh246m water reservoir completedKhaleej Times
(MENAFN - Khaleej Times) The Dewa works according to its strategy which is a key component of Dubai Plan 2021." Dubai — The Dubai Electricity and Water Authority or Dewa has completed ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help