Flag Kuwait

Econ Complexity (2018): 0.27, Rank 54 of 137

Product Exports (2018): $63.6B, Rank 47 of 222

Exports Per Capita (2018): $15.4k, Rank 60 of 219

Product Imports (2018): $34B, Rank 64 of 221

Imports Per Capita (2018): $8.22k, Rank 67 of 219

Service Exports (2018): $7.51B, Rank 35 of 88

Service Imports (2018): $31.7B, Rank 18 of 88

GDP (2018): $141B, CURRENT US$
Rank 56 of 196

GDP growth (2008 - 2018): -4.58%, CURRENT US$
Rank 178 of 196

GDP PC (2018): $33,994, CURRENT US$
Rank 30 of 196

GDP PC GROWTH (2008 - 2018): -38.7%, CURRENT US$
Rank 193 of 196

Overview: In 2018 Kuwait was the number 56 economy in the world in terms of GDP (current US$), the number 47 in total exports, the number 64 in total imports, and the number 54 most complex economy according to the Economic Complexity Index (ECI). In 2018, Kuwait exported $63.6B and imported $34B, resulting in a positive trade balance of $29.6B. In 2018, Kuwait's exports per capita were $15.4k and its imports per capita were $8.22k.

Trade: The top exports of Kuwait are Crude Petroleum ($45.8B), Refined Petroleum ($7.36B), Petroleum Gas ($2.3B), Acyclic Alcohols ($1.14B), and Cyclic Hydrocarbons ($984M). The top imports of Kuwait are Cars ($2.95B), Broadcasting Equipment ($1.14B), Gold ($646M), Packaged Medicaments ($641M), and Jewellery ($628M).

Destinations: Kuwait exports mostly to China ($13.6B), South Korea ($11.4B), India ($7.44B), Japan ($6.11B), and Chinese Taipei ($4.6B), and imports mostly from China ($4.36B), United Arab Emirates ($4.07B), United States ($3.09B), Saudi Arabia ($2.21B), and Japan ($1.88B).

Location: Kuwait borders Iraq and Saudi Arabia by land and Iran by sea.

Product Exports

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Value

Top Export (2018): Crude Petroleum, $45.8B

Top Destination (2018): China, $13.6B

In 2018 Kuwait exported a total of $63.6B, making it the number 47 exporter in the world. During the last five reported years the exports of Kuwait have changed by -$29.5B from $93.1B in 2013 to $63.6B in 2018.

The most recent exports are led by Crude Petroleum ($45.8B), Refined Petroleum ($7.36B), Petroleum Gas ($2.3B), Acyclic Alcohols ($1.14B), and Cyclic Hydrocarbons ($984M). The most common destination for the exports of Kuwait are China ($13.6B), South Korea ($11.4B), India ($7.44B), Japan ($6.11B), and Chinese Taipei ($4.6B).

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Product Imports

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Top Import (2018): Cars, $2.95B

Top Origin (2018): China, $4.36B

In 2018 Kuwait imported $34B, making it the number 64 trade destination in the world. During the last five reported years the imports of Kuwait changed by $3.36B from $30.7B in 2013 to $34B in 2018.

The most recent imports of Kuwait are led by Cars ($2.95B), Broadcasting Equipment ($1.14B), Gold ($646M), Packaged Medicaments ($641M), and Jewellery ($628M). The most common import partners for Kuwait are China ($4.36B), United Arab Emirates ($4.07B), United States ($3.09B), Saudi Arabia ($2.21B), and Japan ($1.88B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

  • China, $5.43B (+ 66.5%)
  • Chinese Taipei, $4.54B (+ 7.24k%)
  • South Korea, $2.67B (+ 30.8%)

Fastest Growing Import Markets (2017 - 2018)

Kuwait Exports Services (2018): $7.51B

Kuwait Imports Services (2018): $31.7B

In 2018, Kuwait exported $7.51B worth of services. The top services exported by Kuwait in 2018 were Telecommunications services ($3.33B), Personal travel ($1.25B), Insurance services ($631M), Financial services ($599M), and Other government services ($561M).

The top services imported by Kuwait in 2018 were Personal travel ($13.3B), Construction in the compiling economy ($8.1B), Other transport ($4.39B), Miscellaneous business, professional, and technical services ($2.61B), and Other government services ($1.44B).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Kuwait. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Kuwait are Homogenized or reconstituted tobacco (100%) and Products of tobacco, substitute nes, extract, essence (100%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Kuwait are:
136: Most Favoured Nation duty rate treatement
217: Preferential tariff for European Free Trade Association (EFTA) countries
231: Preferential tariff for Gulf Cooperation Council (GCC)
299: Preferential tariff for Singapore
313: Preferential tariff for the League of Arab States

Economic Complexity

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Economic Complexity Ranking

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During the last 20 years Kuwait's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨64th to the 54th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Kuwait has a high level of specialization in Sulfonated, Nitrated or Nitrosated Hydrocarbons (98.7), Iron Ingots (13.8), Crude Petroleum (12.3), Acyclic Alcohols (8.76), and Other Animals (7.29). Specialization is measured using RCA, an index that takes the ratio between Kuwait observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Kuwait according to the product complexity index (PCI) are Reaction initiators, accelerators and catalysts, nes (0.82), Cyclic hydrocarbons (0.71), Glass fibres, glass wool, and articles thereof (0.54), Ether and derivatives (0.17), and Buttermilk, cream, yogurt etc (0.17). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Kuwait according to the relatedness index, are Ammonia (0.047), Raw Aluminium (0.045), Iron Ore (0.043), Iron Reductions (0.042), and Rough Wood (0.04). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Kuwait is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.