Expatriates’ remittances reached KD 5.4 bln

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Kuwaitis reportedly spent KD 4 bln on travel in 2022

KUWAIT CITY, May 13: Kuwaitis have reportedly spent 4 billion dinars on travel in 2022, a jump of 69.5% bringing their total spending to more than 4 billion dinars, compared to an expenditure of 2.36 billion dinars, according to the preliminary data of Kuwait’s balance of payments for the past year issued by the Central Bank of Kuwait, reports Al-Anba daily. The expenditure hiked after the Kuwait International Airport became fully operational and the resumption of summer flights, nearly two years after the closure of the Airport and the tightening of travel procedures to prevent the spread of the Corona epidemic.

According to the daily, money spent by Kuwaitis on the travel item during the past year is considered the highest since the outbreak of the Corona pandemic, and the total spending during the first quarter of last year was 1.13 billion dinars, and in the second quarter 835.8 million dinars, and in the third quarter 1.1 billion dinars and in the fourth quarter it was 935 million dinars. In terms of spending by tourists inside Kuwait, it witnessed an increase, as their total spending reached 333 million dinars during 2022. On the other hand, the Central Bank data showed that expatriates’ remittances during 2022 reached 5.4 billion dinars, declining by about 2.17% compared to 2021, which was 5.5 billion dinars.

The balance of payments showed that commodity exports by Kuwait during the past year witnessed an increase of 49%, or the equivalent of 10 billion dinars, to reach 30.7 billion dinars, of which 28.8 billion dinars were oil exports, compared to commodity exports that amounted to 20.6 billion dinars, of which 19 billion dinars were oil exports. The significant increase in the value of Kuwait’s merchandise exports came in conjunction with the increase in the value of the country’s oil exports by about 51.1%, or the equivalent of 9.7 billion dinars, as a result of the rise in oil prices, which recorded their highest levels ever during the past year. In terms of the country’s imports of goods, their value was 8.6 billion dinars during the past year, compared to 8.4 billion dinars during 2021, with an increase of 3.3%, or the equivalent of 280 million dinars. The preliminary CBK data of the balance of payments for t2022, as well as the amended data for 2021, showed that the current account (which shows a summary of receipts and payments between the local economy and other economies with regard to transactions of goods, services, and income) recorded a surplus during 2022.

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