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Wednesday , August 10 2022

Kuwait ranks 47th globally in terms of merchandise exports

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KUWAIT CITY, April 26: With the increase in the value of Kuwait’s merchandise exports from $ 40.1 billion in 2020 to $ 71.4 billion in 2021, Kuwait is in 47th position globally and fourth in the Gulf in terms of total merchandise exports, according to the latest data issued by the World Trade Organization, reports Al-Rai daily. Kuwait’s imports of goods also increased from $ 27.7 billion in 2020 to $ 33.2 billion in 2021, thereby ranking 66th globally and third in the Gulf after the UAE, which imported goods worth $ 319 billion and was ranked 21st globally, and Saudi Arabia with an import value of $ 155 billion and was ranked 32nd globally. Qatar imported goods worth $ 27.9 billion and it ranks 68th in the world. In terms of the ranking of the Gulf countries in total merchandise exports in 2021, the UAE ranked first in the Arab world and 17th globally after exporting goods worth USD 425 billion.

It is followed by Saudi Arabia in second place in the Arab world and in 18th place globally with export value of $ 258 billion. Qatar came in third place in the Arab world and 41st globally with an export value of USD 86.7 billion . While mining and fuel products dominate Kuwait’s exports, the country’s exports of commercial services as of the third quarter of 2021 (according to the latest data available at the WTO) amounted to USD 3 billion. The value of imports amounted to USD 6.5 billion during the same period.

In 2020, Kuwait’s total exports of commercial services such as information, communication, computer, travel, transportation and financial services amounted to USD 6.7 billion, while it imported USD 17.4 billion in the same period. Information, communications and computer services constituted the largest share of Kuwait’s exports of commercial services in 2020, with 64.44 percent of the total commercial services, and with a value of 4.3 billion. On the other hand, the data for 2019 indicate that the United States was Kuwait’s largest partner in commercial services, followed by Britain, India, China and Germany. Globally, China is on the top of exports, having exported goods worth USD 3.4 trillion to the world, followed by the United States of America with a value of 1.8 trillion, and then Germany with a value of 1.6 trillion. According to World Trade Organization data, the value of global exports of goods and services amounted to USD 22.3 trillion in 2021.

In another context, the World Trade Organization lowered its forecast for global GDP growth in 2022 from 4.1 percent to 2.8 percent. In its experts’ latest forecasts for global trade growth, issued last Tuesday, the organization indicated that the conflict between Russia and Ukraine puts the recovery of an already “fragile” global trade at risk. The WTO has noted that the outlook for the global economy has darkened since the outbreak of the Russian-Ukrainian war, prompting WTO economists to reassess their forecasts for trade over the next two years. They expect the volume of merchandise trade to grow at three percent this year, down from its previous forecast of 4.7 percent and 3.4 percent for 2023. The organization expects the growth of global GDP at market exchange rates by 2.8 percent in 2022, equivalent to 1.3 percent of less points than the previous forecast of 4.1 percent. The report also indicates an acceleration of growth to 3.2 percent in 2023, approaching the average index of three percent in the period from 2010 to 2019.