Kuwait reports KD 3.3bn trade balance surplus

Kuwait's balance of trade realized a surplus worth KD 3.333 billion in the last quarter of 2014, marking a fall of 43.6 percent compared to KD 5.911 billion the same period in 2013. (1 USD equals KD 0.299).
Over the period October-December 2014, Kuwait exports fell by 29.4 percent, compared to the corresponding period last year, to reach KD 5.671 billion, the Central Statistical Bureau (CSB) said in a report sent to KUNA. Imports hit KD 2.338 billion, with a 10.1 percent increase year-on-year.
The CSB added that the volume of trade decreased by 21.2 percent compared with the fourth quarter of 2013, to hit KD 8.009 billion. Coverage rate was 242.5 percent in October-December 2014, while it was 378.3 percent last year.
In the last quarter of 2014, coverage rate (excluding oil) was 15.1 percent while it was 22.6 percent the same period in 2013.
Meanwhile, top categories for exports were mineral fuels and oils (KD 5.234 billion, a share of 92.3 percent, followed by organic chemicals (KD 140 million, 2.5 percent). Vehicles other than railway or tramway rolling-stock and parts and accessories recorded KD 71 million, 1.3 percent, the report added.
Over the same period, vehicles other than railway or tramway rolling-stock, parts thereof have had by far the highest value imported at KD 395.6 million with a share of 16.9 percent, then electrical machinery and equipment (KD 272.2 million 11.6 percent), boilers, machinery and mechanical appliances, parts thereof (KD 263.6 million 11.3 percent, and natural or cultured pearls, precious and semi-precious stones (KD 112.1 million, 4.8 percent), it noted.
Kuwait's main trade partner for non-oil exports over the last quarter of the past year was India, with KD 67.2 million, followed by Saudi Arabia (KD 54.4 million) and UAE (KD 52.3 million).
China topped the list of importers from Kuwait with KD 355.1 million, then the US (KD 236.7 million, UAE (KD 205.1 million) and Japan (KD 185.2 million).
According to the CSB, Kuwait's exports to GCC countries rose by 5.6 percent during the last three months of 2014, year-on-year to hit KD 134.4 million.
The report said that the share of industrial supplies goods in Kuwait's importsreached 24.9 percent, compared to the same period of the previous year.