The data issued by the Kuwaiti Central Administration for Statistics (governmental) showed a decline in the trade balance surplus (the difference between exports and imports) for the State of Kuwait, by 59.5 percent on an annual basis during the past year 2020, amid unprecedented repercussions on the Kuwaiti economy due to the Corona pandemic and the drop in oil prices.
According to the data, the trade surplus decreased to 3.79 billion dinars (12.6 billion dollars) in 2020, compared to 9.37 billion dinars (31.16 billion dollars) in 2019. The value of Kuwait's exports decreased by 37.1 percent to 12.28 billion dinars (40.8 billion dollars) during the past year, compared to 19.54 billion dinars (65 billion dollars) in the previous year.
As for merchandise imports, the data showed a decline of 16.5 percent on an annual basis to 8.49 billion dinars (28.2 billion dollars), compared with 10.1 billion dinars (33.6 billion dollars) the previous year.
Kuwait is experiencing one of its worst economic crises, due to the effects of the Coronavirus and the drop in oil prices, the main source of more than 90 percent of government revenues.
Source (Anadolu Agency, Edited)
