Tuesday, 24 October 2017 11:33 GMT
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Kuwait"s oil exports fell to USD 109 bln in 2013 - NBK report

(MENAFN - Kuwait News Agency (KUNA)) Kuwait's oil exports edged down to KD 30.8 billion (USD 109.5 billion) in 2013, a slight dip of three percent compared with the earlier year's figures, a recent economic report showed here on Saturday



The drop is a result of dwindling oil prices following a fall in international oil prices in 2013 triggered off by huge oil production by non-OPEC members and moderate world demand for oil, said the report released by the National Bank of Kuwait (NBK)



Kuwait's oil prices averaged USD 105 per barrel (pb) in 2013, four dollars lower than 2012, and non-oil exports shot up to KD 1.9 billion (USD 6.75 billion) though they still make up just six percent of the oil-rich Gulf country's total exports, it said



The hike was buoyed by a 16 percent rise in ethylene exports compared to an earlier year partly due to expansion in the petrochemical industry, the report indicated



Comparatively, Kuwaiti imports stood at nine percent in 2013 to KD 8.3 billion (USD 29.5 billion), the NBK-compiled report showed



Kuwait's trade balance surplus consequently edged down to KD 24.3 billion (USD 86.4 billion) in 2013 following a retreat from its highest-ever level of 25.7 percent in 2012, it added


Kuwait"s oil exports fell to USD 109 bln in 2013 - NBK report