KUWAIT CITY, Aug 28: Kuwait’s trade surplus experienced a 3.28 percent decline year-on-year during the first four months of 2024, primarily due to a drop in exports, reports Al-Seyassah daily. The surplus for this period totaled KWD 4.71 billion ($15.45 billion), down from 4.87 billion dinars ($15.98 billion) in the same timeframe in 2023. The exports during these months decreased by 3.88 percent to 8.42 billion dinars from 8.76 billion in early 2023, according to the Central Statistical Administration; meanwhile, imports amounted to 3.71 billion dinars, a 4.38 percent decrease from 3.88 billion dinars in the previous year. Trade exchange for the period reached 12.13 billion dinars, a decline of 4.03 percent from 12.64 billion dinars in the first four months of 2023.

Notably, in April 2024, Kuwait’s trade surplus increased by 21.77 percent to 1.51 billion dinars compared to 1.24 billion dinars in April 2023, supported by a 10.23 percent rise in exports to 2.37 billion dinars and a 6.06 percent drop in imports to 860.87 million dinars. Additionally, trade between Kuwait and Saudi Arabia for the first half of 2024 totaled approximately 4.49 billion dinars ($1.2 billion), reflecting a 21.5 percent decrease compared to the previous year.

Trade exchange between Saudi Arabia and Gulf Cooperation Council (GCC) countries surged by 13.4 percent during the first half of 2024, reaching 113.32 billion Saudi riyals ($30.22 billion) compared to 99.91 billion riyals ($26.64 billion) in the same period last year. Meanwhile, trade with the UAE grew by 22.75 percent, totaling 65.83 billion riyals ($17.55 billion); Bahrain ranked second in GCC trade, Bahrain saw its trade volume increase by 21.8 percent to 25.74 billion riyals ($6.86 billion); trade with Oman decreased by 17.5 percent, amounting to 14.9 billion riyals ($3.97 billion and trade with Qatar grew significantly by 72 percent, reaching 2.36 billion riyals ($630.1 million). This robust increase in trade underscores the strengthening economic ties between Saudi Arabia and its GCC partners.