Mubasher: Kuwait's trade deficit with the GCC countries dropped in the second quarter (Q2) of 2023 to its lowest level since Q1-22 when it recorded KWD 262.30 million, driven by higher exports and lower imports.

Kuwait registered a trade deficit of KWD 281.80 million with the GCC member states in Q2-23, compared to KWD 472.30 million in Q2-22.

On a quarterly basis, the trade deficit in Q2-23 also narrowed from KWD 302.10 million in Q1-23, according to the quarterly statistics issued by the Central Bank of Kuwait (CBK).

The decline in the deficit was driven by the increase in Kuwait's exports to the other five GCC countries, which reached KWD 184.60 million in Q2-23 when compared with KWD 159.50 million in Q2-22.

Data revealed that the UAE was the top destination for Kuwaiti exports in Q2-23 with a total value of KWD 104.30 million, while Bahrain posted the least export value of KWD 5.60 million.

On the other hand, Kuwait imported goods worth KWD 466.40 million in Q2-23 from the five countries, with annual and quarterly declines from KWD 631.80 million and KWD 491.90 million, respectively.

The UAE remained the biggest partner for Kuwait's imports with a value of KWD 274.90 million, while Qatar came last with KWD 13 million.