A Decade of Expansion: The UAE and Kuwait’s Trade Growth Surpasses 120%
Over the past ten years, the volume of trade between the UAE and Kuwait has surged, registering an increase of over 120%.
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Between 2013 and 2022, the trade volume between the UAE and Kuwait saw a substantial rise, culminating in an impressive $86 billion. This total, equivalent to AED317 billion, highlights the strong economic and commercial bonds shared by the two nations.
Breaking down this sum, imports constituted AED63 billion ($17.2 billion), non-oil exports amounted to AED85.5 billion ($23.3 billion), and re-exports reached AED168.5 billion ($46 billion), showcasing a flourishing and varied trade relationship.
Overview of Trade Between UAE and Kuwait
The trade exchange witnessed a remarkable 120.5% growth over the decade, culminating in AED44.1 billion ($12 billion) in 2022. This marked a significant increase from AED20 billion ($5.4 billion) in 2012, highlighting the Ministry of Economy’s data on the escalating trade volume. Specifically, in 2022, the trade value saw a 14.5% increase from the previous year, with breakdowns of AED7.5 billion ($2 billion) in imports, AED14.3 billion ($3.9 billion) in non-oil exports, and AED22.3 billion ($6.1 billion) in re-exports.
Year-on-year, the trade values varied, with 2013 seeing AED23.3 billion ($6.3 billion), including AED5.4 billion ($1.5 billion) for imports, AED5.5 billion ($1.5 billion) for non-oil exports, and AED12.4 billion ($3.4 billion) for re-exports. By 2014, the value increased to AED25.7 billion, with a further rise in each category. This trend continued through the years, with notable jumps in trade value, particularly in 2018 and 2021, showcasing the strength and growth of their economic partnership.
Tourism and Investment Dynamics
The number of Kuwaiti tourists visiting the UAE saw a significant increase, with 400,000 hotel stays in 2023, up from 250,000 in 2022. Investment flows between the two countries are robust, underlining their solid economic relations.
Kuwait’s investments in the UAE are predominantly in real estate, tourism, telecommunications, and textiles. Equally, the UAE’s investments in Kuwait are diverse, covering sectors such as coal, oil and gas, transportation and storage, real estate, telecommunications, minerals, food, hotels, and aviation, reflecting a broad and deep economic engagement.
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Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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