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

 


Arab Times




  MENA News Headlines
 Oct 23 2014 - Kuwait- Equates wins two regional sustainability awardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's EQUATE Petrochemical Company has won two regional sustainability awards in recognition for its social responsibility and national cadres' skills ...

 Oct 23 2014 - Moroccan horse showThe Peninsula
(MENAFN - The Peninsula) Moroccan horsemen perform during the 7th edition of the "Salon du Cheval" (horse show) in the port city of El Jadida. ...

 Oct 23 2014 - Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3MENAFN
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same ...

 Oct 23 2014 - Qatar- Lekhwiya defeat Al Wakra, Wolves heldThe Peninsula
(MENAFN - The Peninsula) Lekhwiya defeated Al Wakra 2-0 at their home ground here yesterday while Al Sadd were held 1-1 by Al Sailiya.Vadimir Weiss scored in the 68th minute for Lekhwiya and Ahmed ...

 Oct 23 2014 - Ooredoo Kuwait net profit falls by almost half in Q3MENAFN
(MENAFN) Ooredoo Kuwait, the country's No.3 telecom operator by subscribers, announced that its net profit fell by nearly half during the July-September period, Gulf Business reported.The ...

 Oct 23 2014 - Coach asks Qatar to give it all against DPR KoreaThe Peninsula
(MENAFN - The Peninsula) Qatar's coach Felix Sanchez Bas has called on his players to give their all one-last time ahead of today's AFC U-19 Championship final against three-time winners DPR Korea. ...

 Oct 23 2014 - Qatar- Handball: Doha gears up for Asian Club LeagueThe Peninsula
(MENAFN - The Peninsula) Defending champions Al Jaish - thanks to the draw - have managed to avoid a meeting with local opponents Lekhwiya and Al Gharafa in the group stage of the 17th Asian Clubs ...

 Oct 23 2014 - QIMC posts USD38.88m net profit in SeptemberMENAFN
(MENAFN) Qatar Industrial Manufacturing Company (QIMC) revealed the interim financial statements for the period ending in September 30, this year, QNA reported.The interim financial statements ...

 Oct 23 2014 - Qatar will deliver an impressive 2022 World Cup, says BrescianoThe Peninsula
(MENAFN - The Peninsula) Australian midfielder Mark Bresciano is confident that Qatar will deliver an 'impressive' World Cup eight years down the line.Bresciano, who has been playing for the last two ...

 Oct 23 2014 - Qatar- QP hosts team from Kuwait Oil CompanyThe Peninsula
(MENAFN - The Peninsula) Qatar Petroleum (QP) recently hosted a delegation from Kuwait Oil Company (KOC) who visited Qatar to gain insights on QP's marine activities and port operations.Mubarak ...

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