Kuwait’s national exports suffered a major 46 per cent decline in the first quarter of the current year to stand at KWD4 billion, fresh data reveals.
The Arab Gulf country’s imports also moved up by 11.1 per cent during the three-month period to stand at KWD2.3bn, a report by the Central Statistics Bureau shows.
The country’s trade surplus reached KWD1.7bn, down by 68 per cent from the KWD5.4bn recorded in the same period last year.
The value of trade exchange during the January-March period plunged by 33.6 per cent to total KWD1.7bn from KWD9.6bn in the same period in 2014, according to the report carried by the Kuwait News Agency (KUNA).
The report also reveals that coverage rate (excluding oil) stood at 20.4 per cent from the 22.6 per cent reported in the first quarter of 2014.
Kuwait’s top trading partner country for non-oil exports was the United Arab Emirates with KWD68.4 million. For exports, UAE was followed by China with KWD62.6m and Saudi Arabia with KWD53.9m.
Most of Kuwait’s imports came from China (KWD402.5m) followed by the United States of America (KWD229.4m), UAE (KWD200m) and Japan (KWD153.1m).
(KWD1 = AED12.14, at the time of publishing)