Kuwait’s trade balance surplus rises 68.3 percent in 2018

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UNITED STATES (VOP TODAY NEWS) — Official data showed that Kuwait’s trade balance surplus increased by 68.3 percent in 2018 compared to the previous year.

The trade surplus rose to 10.932 billion dinars ($ 36 billion) last year, compared with a surplus of 6.494 billion dinars ($ 21.4 billion) in 2017, the Central Administration of Statistics said on Sunday.

Kuwait’s exports rose 30.5 percent to 21.7 billion dinars ($ 71.5 billion) in 2018, compared with 16.6 billion dinars ($ 54.6 billion) last year, the data showed.

While the value of imports rose by 6.4 percent to 10.83 billion dinars (35.7 billion dollars), compared with 10.182 billion dinars (33.5 billion dollars) in 2017.

Kuwait, a key member of the Organization of the Petroleum Exporting Countries (OPEC), the oil industry accounts for more than 50 percent of GDP, 95 percent of exports and 80 percent of government revenues, producing 2.8 million barrels per day.

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