NBK: Kuwait Posts KD 1.6 Bln of Trade Surplus in 1Q17Source: www.export-egypt.com 7/5/2017, Location: Middle East |
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Kuwait's trade surplus held steady at KD 1.6 billion (USD 5 billion) during the first quarter of the year (1Q17) as oil prices slowly begin to recover, the National Bank of Kuwait said.
In its economic report, NBK foreboded that the trade surplus is expected to expand in the near future, as oil earnings continue to gather pace and the average price of oil has edged upwards in the wake of an OPEC decision to extend production cuts well into next year. Oil export revenues remained stable at KD 3.7 billion (USD 12 billion) during 1Q17, despite an increase in the price of Kuwait Export Crude (KEC), while the price of KEC was up 12 percent and production was down by 5 percent, the report showed. Meanwhile, non-oil export revenues had risen by 37 percent in 1Q17, after a 29 percent increase in ethylene prices during the same period, as that momentum is likely to pick up as a result of lofty ethylene prices. Moreover, the report noted that imports soared by 11 percent in 1Q17 as capital goods continued to witness solid gains with 16 percent growth in imports, while industrial supply imports came in at 20 percent during the same period. |
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