Kuwait – Mubasher: Kuwait’s trade surplus declined last year to KWD 7 billion ($23.17 billion) from KWD 20 billion ($66.22 billion) in 2014, the lowest level in 10 years, the National Bank of Kuwait (NBK) said on Sunday.
These 2015 figures show trade surplus makes up 20% of the gross domestic product (GDP) projected for 2015.
Lower oil export revenues, weakened by the drop in product prices, in addition to a decline in non-oil export revenues and higher import growth, were the factors that slashed the Kuwaiti trade surplus, according to NBK.
The bank also expected the trade surplus to stay under pressure until oil prices begin to recover.
Oil export revenues declined in 2015 by 45% year-on-year to KWD 14.7 billion ($48.67 billion), the lowest level in five years.
The price of Kuwait’s export crude also fell 50% last year to $47.2 per barrel.
