(MENAFN) Kuwait's trade surplus shrank to a six year low in the first quarter, as oil export revenues continued to tumble. The surplus fell to USD5.6 billion, or a 20 percent of projected GDP in 2015.
The fall is mainly attributed to the decline in export receipts as a result of lower oil prices. The trade balance is unlikely to have deteriorated further in the second quarter given that oil prices improved slightly.
Oil export revenue declined 49 percent year-on-year in 1Q15 to USD11.89 billion, marking their lowest level in five years. Oil export earnings were bruised by lower oil prices.
Meanwhile, oil export receipts may see a slight uptick in 2Q15, on the back of a slight recovery in oil prices in 2Q15. The international oil price benchmark, Brent, averaged USD64 in 2Q15.
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