EconomyTop Stories
GBO_Kuwait

Kuwait economy check: Non-oil exports reach USD 74 million

The Ministry of Commerce and Industry made it clear that not all Kuwaiti exports need a certificate of origin, so the figures above only include exports for which one was granted

The Ministry of Commerce and Industry declared that Kuwait’s total exports, excluding oil, increased from KD 20.7 million (USD 67 million) in November 2024 to KD 23.2 million (USD 74.9 million) in December.

According to the ministry’s International Organisations Affairs and Foreign Trade Sector, 1,766 certificates of origin totalling roughly KD 16 million (USD 51.07 million) were granted for exports to Gulf Cooperation Council (GCC) nations in December. This is comparable to 1,785 certificates and November exports of about KD 11.4 million (USD 36.9 million).

Additionally, the sector reported that 336 certificates of origin, worth KD 7 million (USD 22.6 million), were issued for exports to Arab nations in December 2024, compared to 265 certificates in November, valued at KD 8.9 million (USD 28.8 million).

In November, three certificates of origin worth KD 47,811 (USD 154,800) were issued for exports to European nations; in December, five certificates of origin totalling KD 179,413 (USD 579,000) were issued.

Compared to one certificate for KD 16,071 (roughly USD 52,000) in November, three certificates of origin were granted to African nations in December, with exports valued at KD 26,027 (roughly USD 84,000).

For exports to one nation in the Americas, five certificates of origin totalling KD 150,060 (roughly USD 484,000) were granted in December.

In contrast, in November, 10 certificates for exports to three nations totalled KD 223,296 (roughly USD 716,700). Five certificates of origin for three countries totalling KD 51,662 (roughly USD 167,000) were issued in November, while six certificates of origin for exports to Asian and Australian countries totalled KD 39,544 (roughly USD 127,000) in December.

The ministry made it clear that not all Kuwaiti exports need a certificate of origin, so the figures above only include exports for which one was granted. Products like liquid gases, food items, polyethylene, organic solvents, food products, empty cardboard boxes, white solvents, refined oil, mineral oil liquids, medical oxygen, dairy products, empty glass bottles, and copper rods are among the goods that are exported to different markets across the world.

In other news related to the Kuwait economy, the Gulf nation’s Consumer Price Index (CPI) climbed 2.5% year on year in December 2024, reaching 135.2, fuelled by higher costs across miscellaneous goods and services, food and beverages, and clothing and footwear.

The CPI showed relatively marginal growth monthly, recording a 0.45% increase compared to November, reflecting inflationary pressures across various sectors, according to the country’s Central Statistical Bureau.

While the Gulf state’s annual inflation rate remains among the lowest globally, it outpaced several Gulf Cooperation Council (GCC) countries, including Saudi Arabia, where the CPI rose by 1.9% year on year in December.

The prices of miscellaneous goods and services rose by 5.43%, while the food and beverages category saw a 5% annual increase.

The cost of essential food items, including cereals, bread, meat, poultry, fish, and seafood, all experienced price hikes too, as the monthly inflation in this category was 0.39% compared to November.

Housing services, which include rent and maintenance, increased by 0.90% annually and 0.41% monthly, reflecting higher housing costs across the country. Clothing and footwear prices, on the other hand, witnessed 5.13% and 0.35% increases respectively.

Among the other sectors, health recorded a 4% annual rise in costs, while transportation saw a 0.57% increase. Communication costs also held steady, with an annual rise of just 0.88%. Education costs rose slightly by 0.71%. Recreation and culture recorded a 2.64% annual increase. The hospitality sector’s rise came at 2.03%.

Recently, the International Monetary Fund (IMF) highlighted Kuwait’s recovery in the non-oil sector amid easing inflation, but noted a 1.5% GDP contraction in the second quarter of 2024, driven by a 6.8% drop in the oil sector. The Gulf country’s central bank held interest rates at 4% in last September, citing the continued stability and strength of the nation’s monetary and financial conditions.

Related posts

Aramex signs deal with Transportr to boost Ittihad Group’s sea freight

GBO Correspondent

4 reasons why iPhone 14 is not cheap

GBO Correspondent

Property buyers in Tung Chung, Tsing Yi and Discovery Bay seek discounts

GBO Correspondent