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
 Jul 28 2015 - Optibiotix completes study on cholesterol reducing capsuleProactiveInvestors - UK
(MENAFN - ProactiveInvestors)-- ADDS CHIEF EXECUTIVE COMMENT DETAIL AND SHARE PRICE Life sciences group Optibiotix (LON:OPTI) has completed a clinical study for its cholesterol reducing capsules with ...

 Jul 28 2015 - Most followed: GDP GKN Hikma Melrose Resources RSA Insurance supermarketsProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Conspiracy theorists who reckon governments juice up the economy so an economic revival coincides with a General Election may have to have a rethink. Either that or the ...

 Jul 28 2015 - Mosman Oil raises £400000 for deposit on acquisitionProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Mosman Oil and Gas (LON:MSMN) has raised £400000 from a placing to move forward the acquisition of a producing asset along and arrange for it to be ...

 Jul 28 2015 - Risers & Fallers including Edge Virgin Money Informa Dialight Royal Mail and more...ProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Below are the main news-driven share price movements at 12.15pm. RISERS Edge Resources (LON:EDG) up 16.8%. The company raised C$500000 through a private placement with ...

 Jul 28 2015 - Saudi Sipchem suffers 55% net loss in Q2MENAFN
(MENAFN) Saudi International Petrochemical Co. (Sipchem), records 55 percent profit loss in the second quarter, Arab News reported. According to a report, the International Petrochemical net loss is ...

 Jul 28 2015 - Saudi- Low sales, high costs put Tasnee in lossKhaleej Times
(MENAFN - Khaleej Times) Saudi Arabia's National Industrialisation, or Tasnee, on Monday said it swung to a net loss for the second quarter, which the petrochemical producer blamed on lower product ...

 Jul 28 2015 - Flat growth in Abu Dhabi housing rentsKhaleej Times
(MENAFN - Khaleej Times) The housing market in Abu Dhabi saw flat growth in rents during the second quarter of the year, while remaining stable this quarter, according to real estate investment and ...

 Jul 28 2015 - UAE hikes petrol prices by over 22%Khaleej Times
(MENAFN - Khaleej Times) The UAE on Tuesday made foray into the new era of zero-subsidy regime for fuel prices in Gulf Cooperation Council by announcing new prices for August.A high-powered ...

 Jul 28 2015 - Qatar trade surplus drops 53% in JuneGulf Times
(MENAFN - Gulf Times) A drastic fall in hydrocarbons export earnings has resulted in Qatar's trade surplus shrinking about 53% year-on-year (y-o-y) to QR14.88bn in June this year, according to ...

 Jul 28 2015 - Saudi FM lashes out at Iran amid rising tensions after nuclear dealDaily News Egypt
(MENAFN - Daily News Egypt) Saudi Arabian Foreign Minister Adel al-Jubeir has criticized Iran for making "aggressive statements." The foreign minister's statement comes amid growing tension between ...

more...


 






Google

Click to Apply

 
 

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