Bilateral trade between UAE, Kuwait grows 87% in 10 years

Non-oil foreign trade between the UAE and Kuwait has grown 87 per cent over the past ten years to reach Dhs43 billion by the end of 2022, compared to Dhs23.3 billion in 2013, according to preliminary data issued by the UAE’s Federal Competitiveness and Statistics Centre (FCSC).

The FCSC data showed that the total trade between the two countries during 2013-2022 amounted to Dhs316.2 billion, of which re-exports constituted 53 per cent and valued at over Dhs168 billion, non-oil exports represented 27 per cent and worth more than Dhs85 billion, and imports were 20 per cent, to the tune of Dhs62.8 billion.

Non-oil trade between the UAE and Kuwait grew 13 per cent, worth Dhs5 billion last year, to reach Dhs43.5 billion, compared to Dhs38.5 billion in 2021.

Of the non-oil trade between the two countries during the previous year, re-exports were valued at Dhs21.9 billion, non-oil exports Dhs14.2 billion, and imports Dhs7.3 billion.

Mineral oils topped the list of the top five commodities imported from Kuwait to the UAE during 2022, worth more than Dhs6 billion; while raw gold topped the list of the top five commodities exported from the UAE to Kuwait, value at Dhs3.3 billion, followed by jewellery worth Dhs3 billion. While communications equipment topped the list of top 5 commodities that were re-exported from the UAE to Kuwait during 2022, valued at Dhs3.52 billion, followed by medicines and treatment drugs to the tune of Dhs1.7 billion, and data processing machines worth Dhs1.46 billion.

The economic and commercial relations between the UAE and Kuwait are a model of cooperation, with both countries committed to expanding their cooperation in industry, commerce, and investment.