Kuwait2019 Economic Complexity : 0.13, Rank 63 of 146
2019 Product Exports | Imports: $59.8B | $33B, 49 of 225 | 65 of 225
2019 Per Capita Product Exports | Imports: $14.2k | $7.84k, 24 of 219 | 66 of 219
2018 Service Exports | Imports : $7.51B | $31.7B, 35 of 88 | 18 of 88
Overview: In 2019 Kuwait was the number 57 economy in the world in terms of GDP (current US$), the number 49 in total exports, the number 65 in total imports, the number 31 economy in terms of GDP per capita (current US$) and the number 63 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Kuwait are Crude Petroleum ($41.7B), Refined Petroleum ($6.36B), Planes, Helicopters, and/or Spacecraft ($2.41B), Petroleum Gas ($2.16B), and Cyclic Hydrocarbons ($863M), exporting mostly to China ($12.1B), South Korea ($9.58B), India ($8.81B), Japan ($6.12B), and Chinese Taipei ($3.83B).
In 2019, Kuwait was the world's biggest exporter of Sulfonated, Nitrated or Nitrosated Hydrocarbons ($787M)
Imports: The top imports of Kuwait are Cars ($3.17B), Broadcasting Equipment ($917M), Petroleum Gas ($779M), Packaged Medicaments ($699M), and Jewellery ($617M), importing mostly from China ($4.76B), United Arab Emirates ($3.83B), United States ($3.23B), Saudi Arabia ($1.98B), and Japan ($1.86B).
In 2019, Kuwait was the world's biggest importer of Metallic Fabric ($3.64M)
Location: Kuwait borders Iraq and Saudi Arabia by land and Iran by sea.
Top Export (2019): Crude Petroleum, $41.7B
Top Destination (2019): China, $12.1B
In 2019, Kuwait exported a total of $59.8B, making it the number 49 exporter in the world. During the last five reported years the exports of Kuwait have changed by -$32B from $91.9B in 2014 to $59.8B in 2019.
The most recent exports are led by Crude Petroleum ($41.7B), Refined Petroleum ($6.36B), Planes, Helicopters, and/or Spacecraft ($2.41B), Petroleum Gas ($2.16B), and Cyclic Hydrocarbons ($863M). The most common destination for the exports of Kuwait are China ($12.1B), South Korea ($9.58B), India ($8.81B), Japan ($6.12B), and Chinese Taipei ($3.83B).
In 2019 Kuwait imported $33B, making it the number 65 trade destination in the world. During the last five reported years the imports of Kuwait changed by $306M from $32.7B in 2014 to $33B in 2019.
The most recent imports of Kuwait are led by Cars ($3.17B), Broadcasting Equipment ($917M), Petroleum Gas ($779M), Packaged Medicaments ($699M), and Jewellery ($617M). The most common import partners for Kuwait are China ($4.76B), United Arab Emirates ($3.83B), United States ($3.23B), Saudi Arabia ($1.98B), and Japan ($1.86B).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
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).
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.
*The tariffs applied to imports for Kuwait are:
Kuwait has a high level of specialization in Sulfonated, Nitrated or Nitrosated Hydrocarbons (120), Iron Ingots (21.7), Crude Petroleum (12.8), Acyclic Alcohols (8.2), and Other Clocks (7.04). Specialization is measured using RCA, an index that takes the ratio between Kuwait observed and expected exports in each product.
The highest complexity exports of Kuwait according to the product complexity index (PCI) are Reaction initiators, accelerators and catalysts, nes (0.88), Cyclic hydrocarbons (0.71), Scent, toilet sprays, puffs and pads for cosmetics (0.66), Glass fibres, glass wool, and articles thereof (0.64), and Other clocks (0.61). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Kuwait according to the relatedness index, are Iron Reductions (0.039), Nitrogenous Fertilizers (0.038), Ammonia (0.037), Raw Aluminium (0.036), and Scrap Iron (0.034). 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.
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.
During the last 20 years Kuwait's economy has become relatively más complex, moving from the 71st to the 63rd 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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