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 7 2015 - Saudi SAPTCO signs USD16.49m financeMENAFN
(MENAFN) Saudi Public Transport Company (SAPTCO) signed an accord for ensuring a USD16.49 million facility fund with Al-Rajhi Bank, Saudi Press Agency reported.The finance is due for SAPTCO to buy ...

 May 7 2015 - India Andhra to get new CITD at Ongole next yearKNN India
(MENAFN - KNN India) The Ministry of Micro, Small and Medium Enterprises will open a new Central Institute of Tool Design (CITD) campus at Ongole in Andhra Pradesh for the next academic year.The ...

 May 7 2015 - Kuwait- Anti-Obesity Programs 'Launched' At SchoolsArab Times
(MENAFN - Arab Times) A Kuwaiti-based anti-obesity campaign announced Tuesday that its anti-obesity awareness program at schools has accomplished significant results among students through physical ...

 May 7 2015 - HH The Amir Lauded For His Support For Cancer PatientsArab Times
(MENAFN - Arab Times) The Al Sidra Association for Psychological Care of Cancer Patients organised an operetta entitled "Sidra of Hope" on Wednesday under the patronage of His Highness the Amir ...

 May 7 2015 - Kuwait Offers $3 Million To Quake-Stricken NepalArab Times
(MENAFN - Arab Times) The Sate of Kuwait has donated $3 million to the United Nations to meet Nepal's emergency humanitarian needs after the devastating earthquake that hit the country just over a ...

 May 7 2015 - Qatar To 'Build' Seven Cities To House 250,000 LabourersArab Times
(MENAFN - Arab Times) Qatar is to build seven "cities" to house more than a quarter of a million migrant labourers building major infrastructure and projects for the 2022 World Cup, officials said ...

 May 7 2015 - US Bounties Target IS LeadershipArab Times
(MENAFN - Arab Times) The United States ratcheted up pressure on the leaders of the Islamic State jihadist group on Tuesday, adding four names to those targeted by multi-million-dollar bounties. The ...

 May 7 2015 - Malay David takes ninth women's Asian squash title in KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Malaysia's Nicol David won her ninth women's Asian Individual Squash Championship in Kuwait on Tuesday as Leo Au of Hong Kong snatched the men's title from ...

 May 7 2015 - Kuwait- Amir Lauds GCC SolidarityArab Times
(MENAFN - Arab Times) His Highness the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al- Sabah said on Tuesday the states of the Gulf Cooperation Council (GCC) have proven their solidarity in dealing with ...

 May 7 2015 - Kuwait- MP Dashti Seeks Open Debate On 'Gulf Security Agreement'Arab Times
(MENAFN - Arab Times) The Gulf Security Agreement should be discussed fully while deliberations should not be restricted to the Parliament and government because the opinions of numerous ...

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

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