The surplus in the trade balance of the State of Kuwait decreased by 58.8 percent on an annual basis during the first 5 months of 2020, amid unprecedented repercussions on the Kuwaiti economy, due to the Corona pandemic.
According to an "Anadolu Agency" survey, which was based on the Kuwaiti Central Administration for Statistics (governmental) data, the trade surplus decreased to 1.77 billion dinars (5.8 billion dollars) during the five-month period ending last May. While the trade balance surplus during the same period of 2019 amounted to about 4.3 billion dinars (14 billion dollars).
According to the data, the value of Kuwait's exports decreased 40 percent to 5.17 billion dinars, compared to 8.62 billion dinars during the same period last year. While the value of imports decreased by 21.3 percent to 3.4 billion dinars, compared to 4.3 billion dinars during the first five months of 2019.
It should be noted that the oil industry in Kuwait represents more than 50 percent of GDP, 95 percent of exports and 80 percent of government revenues. The Kuwaiti economy has been affected in light of the dual effects of the Corona pandemic and the collapse of oil prices, and the country's oil production has decreased to 2.2 million barrels in light of the commitment to the agreement to reduce production with "OPEC +".
Source (Anadolu Agency, Edited)
