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.
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.
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.
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).
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.
*The tariffs applied to imports for Kuwait are:136: Most Favoured Nation duty rate treatement217: Preferential tariff for European Free Trade Association (EFTA) countries231: Preferential tariff for Gulf Cooperation Council (GCC)299: Preferential tariff for Singapore313: Preferential tariff for the League of Arab States
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.
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.
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.
Kuwait
