Kuwait trade balance surplus hit $20.89bn

Kuwait's trade balance surplus shot up to KD 5.881 billion (USD 20.89 billion) in the fourth quarter of 2013 from KD 5.856 billion (USD 20.82 billion) in the same period of the previous year, up 0.4 percent, a senior statistical official said here on Wednesday. Kuwait's exports rose by 2.4 percent to KD 8 billion (USD 28.4 billion) in October-December 2013 compared to the corresponding period of the previous year, Assistant Undersecretary of the Central Statistics Bureau Mona Al-Daas said to KUNA. The size of Kuwaiti imports amounted to KD 2.1 billion (USD 7.4 billion), a hike of 8.4 percent over 2012's figure, Al-Daas said, citing the provisional foreign trade statistics results. In the same period, the volume of trade exchange increased 3.7 percent compared with the fourth quarter of 2012. Trade volume was KD 10.2 billion (USD 36.2 billion) in October-December 2013 while it was KD 9.8 billion (USD 34.8 billion) in October-December 2012, he said. Coverage rate was 317.8 percent in October-December 2013, while it was 393.4 percent in October-December 2012, the statistical official added. In the fourth quarter of 2013, coverage rate (excluding oil) was 21.1 percent while it was 24.5 percent in the fourth quarter of 2012, he pointed out. China was Kuwait's key non-oil importer, with imported commodities having amounted to KD 70 million, making up 72 percent of Kuwait's total exports, followed by the UAE and Iraq by KD 58.5 million and KD 51.3 million respectively, Al-Daas elaborated. China was also Kuwait's top exporter in the reported period, with exports having reached KD 297.5 million, chased by the US, the UAE and Japan by KD 226.1 million, KD 189.1 million and KD 188.2 million respectively, he concluded.