KUWAIT CITY, April 26: With the increase in the value of Kuwait’s merchandise exports from $40.1 billion in 2020 to $71.4 billion in 2021, Kuwait ranks 47th in the world and fourth in the Gulf in terms of total merchandise exports, according to the latest data published by the World Trade Organization, reports the daily Al-Rai. Kuwait’s imports of goods also increased from $27.7 billion in 2020 to $33.2 billion in 2021, ranking 66th in the world and third in the Gulf after the United Arab Emirates, which imported goods. goods worth $319 billion and was ranked 21st globally, and Saudi Arabia with an import value of $155 billion and was ranked 32nd globally. Qatar imported goods worth $27.9 billion and it ranks 68th in the world. In terms of the ranking of Gulf countries in total merchandise exports in 2021, the UAE ranked first in the Arab world and 17th in the world after exporting goods worth $425 billion.
It is followed by Saudi Arabia in second place in the Arab world and 18th in the world with an export value of $258 billion. Qatar came third in the Arab world and 41st in the world with an export value of $86.7 billion. While mining and petroleum products dominate Kuwait’s exports, the country’s commercial services exports in the third quarter of 2021 (according to the latest data available to the WTO) amounted to USD 3 billion. The value of imports amounted to USD 6.5 billion during the same period.
In 2020, Kuwait’s total exports of commercial services such as information, communication, computing, travel, transportation and financial services amounted to USD 6.7 billion, while it imported 17 .4 billion USD over the same period. Information, communications and computer services constituted the largest share of Kuwait’s commercial services exports in 2020, with 64.44% of total commercial services and a value of 4.3 billion. On the other hand, data for 2019 indicates that the United States was Kuwait’s largest partner in trade services, followed by Britain, India, China and Germany. Globally, China leads the world in exports, having exported goods worth $3.4 trillion globally, followed by the United States of America with $1.8 trillion, and then Germany with a value of 1,600 billion. According to data from the World Trade Organization, the value of global exports of goods and services was $22.3 trillion in 2021.
In another context, the World Trade Organization lowered its forecast for global GDP growth in 2022 from 4.1% to 2.8%. In its experts’ latest global trade growth forecasts, released last Tuesday, the organization said the conflict between Russia and Ukraine jeopardizes the recovery of already “fragile” global trade. The WTO noted that the outlook for the global economy has darkened since the outbreak of the Russian-Ukrainian war, prompting WTO economists to reassess their forecasts for trade over the next two years. They expect merchandise trade volume to grow 3% this year, down from its previous forecasts of 4.7% and 3.4% for 2023. The organization expects growth of global GDP at market exchange rates by 2.8% in 2022, 1.3% percent lower than the previous forecast of 4.1 percent. The report also indicates an acceleration in growth to 3.2% in 2023, approaching the average index of 3% over the period 2010-2019.