Kuwait2020 Economic Complexity : 0.059, Rank 56 of 127
2020 Product Exports | Imports: $41.6B | $27.6B, 51 of 226 | 64 of 226
2020 Per Capita Product Exports | Imports: $9.75k | $6.47k, 56 of 219 | 67 of 219
2019 Service Exports | Imports : $8.04B | $30.1B, 30 of 69 | 15 of 69
Overview In 2020 Kuwait was the number 61 economy in the world in terms of GDP (current US$), the number 51 in total exports, the number 64 in total imports, the number 39 economy in terms of GDP per capita (current US$) and the number 56 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Kuwait are Crude Petroleum ($27.6B), Refined Petroleum ($5.3B), Petroleum Gas ($1.73B), Planes, Helicopters, and/or Spacecraft ($1.04B), and Cyclic Hydrocarbons ($741M), exporting mostly to China ($9.8B), India ($5.91B), South Korea ($5.15B), Japan ($4.03B), and Vietnam ($2.84B).
In 2020, Kuwait was the world's biggest exporter of Sulfonated, Nitrated or Nitrosated Hydrocarbons ($688M)
Imports The top imports of Kuwait are Cars ($2.36B), Packaged Medicaments ($820M), Broadcasting Equipment ($680M), Planes, Helicopters, and/or Spacecraft ($590M), and Copper Wire ($505M), importing mostly from China ($4.26B), United Arab Emirates ($3.18B), United States ($2.25B), Saudi Arabia ($1.75B), and Japan ($1.48B).
Location Kuwait borders Iraqand Saudi Arabia by land and Iran by sea.
The following section uses the most recent trade data from partners of Kuwait.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Crude Petroleum, $27.6B
Top Destination (2020): China, $9.8B
In 2020, Kuwait exported a total of $41.6B, making it the number 51 exporter in the world. During the last five reported years the exports of Kuwait have changed by -$11.8B from $53.4B in 2015 to $41.6B in 2020.
The most recent exports are led by Crude Petroleum ($27.6B), Refined Petroleum ($5.3B), Petroleum Gas ($1.73B), Planes, Helicopters, and/or Spacecraft ($1.04B), and Cyclic Hydrocarbons ($741M). The most common destination for the exports of Kuwait are China ($9.8B), India ($5.91B), South Korea ($5.15B), Japan ($4.03B), and Vietnam ($2.84B).
In 2020 Kuwait imported $27.6B, making it the number 64 trade destination in the world. During the last five reported years the imports of Kuwait changed by -$3.9B from $31.5B in 2015 to $27.6B in 2020.
The most recent imports of Kuwait are led by Cars ($2.36B), Packaged Medicaments ($820M), Broadcasting Equipment ($680M), Planes, Helicopters, and/or Spacecraft ($590M), and Copper Wire ($505M). The most common import partners for Kuwait are China ($4.26B), United Arab Emirates ($3.18B), United States ($2.25B), Saudi Arabia ($1.75B), and Japan ($1.48B).
Kuwait Exports Services (2019): $8.04B
Kuwait Imports Services (2019): $30.1B
In 2019, Kuwait exported $8.04B worth of services. The top services exported by Kuwait in 2019 were Computer and information services ($4.37B), Transportation ($1.18B), Insurance services ($940M), Personal travel ($700M), and Government services, n.i.e. ($556M).
The top services imported by Kuwait in 2019 were Personal travel ($15.8B), Transportation ($4.09B), Construction services ($3.92B), Other business services ($2.58B), and Government services, n.i.e. ($1.57B).
The top product import tariffs by their MFN Ad Valorem value for Kuwait are Tobacco refuse (1.33k%)and Homogenized or reconstituted tobacco (466%).
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 (150), Crude Petroleum (17.4), Acyclic Alcohols (10.2), Cyclic Hydrocarbons (9.71), and Other Clocks (7.14). 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 Other clocks (0.75), Medicaments mixed together for therapeutic use, bulk (0.66), Cyclic hydrocarbons (0.6), Aircraft, spacecraft, satellites (0.54), and Glass fibres, glass wool, and articles thereof (0.53). 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 Ammonia (0.057), Nitrogenous Fertilizers (0.056), Raw Aluminium (0.056), Iron Reductions (0.054), and Scrap Iron (0.05). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Kuwait's economy has become relatively more complex, moving from the 63rd to the 56th 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.
Have questions, comments, or concerns?
Send us an e-mail: [email protected]
v5.1.8 ant