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FINANCIAL NEWS
Kuwait’s trade surplus to fall due to lower oil prices in 2013
30 Mar 2014
(MENAFN) Kuwait’s trade surplus hits a total of USD86.15 billion in 2013, compared to USD91.12 billion in 2012. The surplus estimated at around 48% of 2013 GDP, was decreased due to lower oil export receipts during the year, Arab Times reported.
However, the surplus is still the second-highest on record, and extremely large by international standards. Though figures for the current account position have not yet been released, we expect it to have recorded another stellar year on the back of strong trade data. A current account surplus of up to 40% of GDP for 2013 seems likely.
Oil exports posted USD109.20 billion last year, 3% down than a year earlier. This was as result of lower oil prices, as oil markets eased in 2013 on the back of surging non-OPEC supplies and modest growth in global demand.
Kuwait export crude prices averaged USD105 per barrel during the year, USD4 (4%) decrease compared to 2012. Meanwhile, non-oil exports jumped to a total of USD6.73 billion- though still account for only 6% of total exports.
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