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
 Oct 8 2015 - UK official says Russia making situation in Syria more dangerousKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) UK Secretary of State for Defence, Michael Fallon, called on Russia Thursday to stop supporting the regime of Bashar Al-Assad and to stop the regime from bombing ...

 Oct 8 2015 - EP calls for intØ¢'l protection for E.JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Parliament called Thursday East Jerusalem to be placed under immediate international protection after a series of violent clashes have left several ...

 Oct 8 2015 - USD to drop further as profit raise postpones - analystKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The rate of the US dollar is expected to drop against the main currencies in time of weakening expectations on the raise of profit rates in the US before the end ...

 Oct 8 2015 - Israeli forces arrests 40 Palestinians in West BankKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Forty Palestinians were arrested by the Israeli force during an operation in the West Bank, said a statement by the Palestinian prisoners club Thursday.According ...

 Oct 8 2015 - Syrian Army: Russian airstrikes reduced ISIL fighting capabilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Airstrikes by Russian warplanes reduced fighting capabilities of the so-called Islamic State in Iraq and Levant (ISIL) in Syria, the Syrian Armed Forces Commander ...

 Oct 8 2015 - Western, Russian intervention in Syria making matters worse - Arab LeagueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Western and Russian intervention in Syria will not end the war and will not eliminate presence of the so-called Islamic State in Iraq and Levant (ISIL), said ...

 Oct 8 2015 - Kuwait- Light rain, dust for Thursday evening weather - forecastKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Light rain and dust is expected for the weather Kuwait Thursday's evening, said a weather forecast official.Deputy head of Kuwait weather forecast department, ...

 Oct 8 2015 - Jewish settler stabbed in JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Jewish man was stabbed Thursday in his upper body in Jerusalem in the third stabbing attack in just over 24 hours.Haaretz newspaper said on its website that a ...

 Oct 8 2015 - OPEC oil price up to USD 48.24 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The OPEC daily basket price went up Wednesday USD 2.16 and stood at USD 48.24 per barrel (pb) compared with USD 46.08 pb the previous day, the cartel said here on ...

 Oct 8 2015 - Kuwaiti seeks Costa Rica's support to get non-Permanent UNSC seatKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti Parliamentary friendship group sought Costa Rica's President Luis Guillermo Solis' support to help Kuwait obtain a non-permanent seat at the UN Security ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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