How is Kuwait's trade with the world?

Kuwait"s trade platform showcases verified exporters and importers. "

Kuwait is a major exporter of petroleum and petroleum-related products. Crude oil and refined petroleum products, including gasoline, diesel, and liquefied natural gas (LNG), form a significant portion of the country's exports. The majority of Kuwait's oil exports are shipped to countries in Asia, particularly China, India, South Korea, and Japan. Additionally, Kuwait exports other goods such as chemicals, fertilizers, plastics, and some manufactured products.

Trade Agreements: Kuwait is a member of the Gulf Cooperation Council (GCC), which promotes economic integration and trade cooperation among its member countries. The GCC has implemented a customs union and is working towards establishing a common market. Kuwait has also signed bilateral trade agreements with several countries to enhance trade relations and facilitate investment. Due to its significant oil exports, Kuwait has traditionally maintained a trade surplus, with export revenues exceeding import expenditures. However, fluctuations in oil prices and global market conditions can affect the balance of trade and Kuwait's trade surplus.

Kuwait does not have a large volume of non-oil exports. Most of the country's exports are based on exports of oil and fossil fuels. Most of Kuwait's exports go to countries such as India, the United Arab Emirates, Iraq, Pakistan, Oman, and China. According to the latest global data, Kuwait exported $ 66 billion worth of goods to various countries in 2018, which is a jump of about 20% compared to the previous year. This year, oil and fossil fuels account for about 92 percent of Kuwait's exports. Organic chemicals, fertilizers, plastics, minerals, aluminum, and precious stones are each next with a small percentage. These figures show that oil and fossil fuels are the mainstays of Kuwait's economy and that the country needs to import many goods.

Kuwait engages in trade with countries across the globe. Major trading partners vary depending on the specific commodities being traded. In terms of petroleum exports, Asian countries, particularly China and India, are significant customers. Kuwait also has trading relationships with countries in Europe, the Middle East, and North America. Kuwait has established free trade zones to promote international trade and attract foreign investment. The most notable free trade zone is the Shuwaikh Free Trade Zone, located near the Port of Shuwaikh. These zones provide various incentives, such as tax exemptions and streamlined customs procedures, to encourage foreign businesses and facilitate trade.

Because the Persian Gulf‎ economy is a single product, it meets many of its needs, including products and foodstuffs, through imports. Statistics show that China and the United States are Kuwait's main partners in the import debate. Among Kuwait's neighbors, Saudi Arabia and the United Arab Emirates also export a significant portion of their goods to Kuwait. Meanwhile, the emptiness of Iranian goods in Kuwait is quite felt. The map below shows Kuwait's main partners in the import debate. World Trade Organization (WTO) data for 2018 show that Iran does not have a large share of Kuwait's imports. According to the same data, among the imported goods of Kuwait, the names of some goods are more prominent, which indicates the import needs of Kuwait. In the following, we will refer to the main import groups of this country.

Kuwait imports goods in many fields. However, this list may change slightly over the years. But on average, some products are often part of Kuwait's regular import needs. Other import needs of Kuwait include plastic products, medical equipment, construction materials, and many other products. However, usually, each country exports certain goods to Kuwait. The United States, for example, plays a major role in supplying food to Kuwait. While other countries may focus more on exporting other products to this Persian Gulf‎ country. Statistics show that in recent years, the amount of Iranian goods exported to Kuwait has always fluctuated slightly. But this statistic has suddenly jumped significantly in 2018.

This year, $ 358 million worth of goods were exported from Iran to Kuwait. Although this amount of goods is not much compared to the total imports of Kuwait from other countries, it shows a very significant growth compared to previous years. In 2017, the export of Iranian goods to Kuwait was less than $ 200 million. The chart below shows the number of Iranian goods exported to Kuwait in recent years. In 2018, Iran exported more than $ 350 million worth of goods to Kuwait. The chart above shows that there have been two significant jumps in the export of Iranian goods to Kuwait, the first being in 2013 and the second in 2018. It should be noted that statistics for 2009 and 2012 were not available.

Kuwait imports a wide range of goods to meet its domestic needs and support various industries. Major import categories include machinery and equipment, vehicles, food products, chemicals, pharmaceuticals, electrical machinery, textiles, and consumer goods. Key trading partners for Kuwait's imports include China, the United States, Germany, India, and the United Arab Emirates. The country also imports significant amounts of food products to meet its domestic consumption requirements.