UAE-Kuwait trade surges with $86 billion in the last 10 years
In the last ten years, official records show that trade between Kuwait and the United Arab Emirates (UAE) has increased dramatically, totaling an astounding $86 billion.
With trade volume exceeding AED 317 billion ($86 billion) between 2013 and 2022, it is clear that the economic and trade relations between these two countries are strong.
Breaking down the figures, imports accounted for AED 63 billion ($17.2 billion), non-oil exports for AED 85.5 billion ($23.3 billion), and re-exports for AED 168.5 billion ($46 billion). This substantial trade exchange witnessed a remarkable 120.5 percent surge over the span of a decade.
In 2022 alone, trade exchange between the UAE and Kuwait peaked at AED 44.1 billion ($12 billion), marking a notable increase from AED 20 billion ($5.4 billion) in 2012, as per data from the Ministry of Economy. This surge represented a growth of over 14.5 percent, with AED 7.5 billion ($2 billion) in imports, AED 14.3 billion ($3.9 billion) in non-oil exports, and AED 22.3 billion ($6.1 billion) in re-exports.
The trajectory of trade exchange between the two nations is evident from historical data. In 2013, it amounted to approximately AED 23.3 billion ($6.3 billion), with AED 5.4 billion ($1.5 billion) for imports, AED 5.5 billion ($1.5 billion) for non-oil exports, and AED 12.4 billion ($3.4 billion) for re-exports. This pattern continued to evolve over subsequent years, with fluctuations in trade values reflecting changing economic dynamics.
Besides trade, economic relations are fortified by direct investments flowing between the UAE and Kuwait. Kuwaiti investments in the UAE primarily target real estate, tourism, telecommunications, and textiles. Conversely, Emirati investments in Kuwait are predominantly focused on coal, oil and gas, transportation and storage, real estate, telecommunications, minerals, food, hotels, and aviation.
Furthermore, the tourism sector between the two countries witnessed significant growth, with the number of Kuwaiti tourists visiting the UAE increasing from 250,000 in 2022 to 400,000 in 2023. This trend underscores the deepening economic and cultural ties between the UAE and Kuwait, paving the way for further collaboration and mutual prosperity in the years to come.
