The United Arab Emirates (UAE) and Kuwait have cultivated a robust economic partnership, as evidenced by their growing trade exchange over the past decade. Between 2013 and 2022, the total trade exchange between the two countries amounted to a substantial AED317 billion ($86.31 billion). This figure includes AED63 billion in imports, AED85.5 billion in non-oil exports, and AED168.5 billion in re-exports.
Steady growth in trade
Over the course of 10 years, trade exchange between the UAE and Kuwait witnessed a remarkable surge, registering a 120.5 percent increase. In 2022 alone, trade exchange reached AED44.1 billion, marking a growth of over 14.5 percent compared to the previous year. This surge included AED7.5 billion in imports, AED14.3 billion in non-oil exports, and AED22.3 billion in re-exports.
In 2013, trade amounted to AED23.3 billion. Imports were recorded at AED5.4 billion, while non-oil exports amounted to AED5.5 billion, and re-exports AED12.4 billion.
Trade exchange steadily climbed to AED25.7 billion in 2014 and AED26 billion in 2015. The value of trade exchange increased slightly in 2016 to AED25.8 billion. In 2017, the total value of inter-trade reached AED25.4 billion.
The figures continued to rise modestly in subsequent years, reaching AED39.3 billion in 2018 and AED38.8 billion in 2019. Despite minor fluctuations, trade between the UAE and Kuwait remained robust, with a significant spike from AED30.1 billion in 2020 to AED38.5 billion in 2021.
Investment dynamics
Beyond trade, economic relations grew stronger between the UAE and Kuwait with active direct investments. Kuwait’s investments in the UAE predominantly focus on real estate, tourism, telecommunications and textiles. Meanwhile, the UAE’s investments in Kuwait are primarily concentrated in coal, oil and gas, transportation and storage, real estate, telecommunications, minerals, food, hotels, and aviation.
Read: Trade volume between Saudi Arabia, GCC countries surpasses $14.82 billion in Q4 2023
Tourism flourishes
The deepening economic ties between the UAE and Kuwait are also evident in the surge in tourism between the two nations. In 2023, the number of Kuwaiti tourists visiting the UAE surged to 400,000, a significant increase from 250,000 in 2022. This uptick in tourism reflects the growing cultural and commercial exchange between the two Gulf countries.
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