Kuwaiti economy is as small, wealthy, and open (GDP was 149,000 dollars);
The vast petroleum reserves are the pillar of the Kuwaiti economy (petroleum and its derivatives generate 95% of the exports
of the State of Kuwait);
The State of Kuwait produces an average of 2.6 million barrels a day;
Proven natural gas reserves of the State of Kuwait: 1% of the world reserves;
In the non-petrol sector, the main activities are desalination, food processing, building materials, plastics, cement, and metal products;
The Kuwaiti services sector represents 34% of the GDP;
The Kuwait Stock Exchange is the third largest in the Middle East (behind Egypt and Saudi Arabia);
Commercial
distribution sector has grown significantly in the recent years (malls);
Currency of Kuwait: Kuwaiti Dinar (KWD).
Sample:
Foreign Trade of Kuwait.
The main products of the Kuwaiti
exports are petroleum, oil products and fertilizers;
The main Kuwaiti export destination are Japan 19.9%, South Korea
17%, Taiwan 11.2%, Singapore 9.9%, U.S. 8.4%, the Netherlands 4.8%, and China
4.4%;
The main products imported from the State of Kuwait products are food, building materials, cars and parts, and clothes;
The main origins of the Kuwaiti imports are the U.S. (12.7%), Japan (8.5%), Germany (7.3%), China (6.8%), South Korea, Saudi Arabia, Italy, and the United Kingdom.
Kuwait has Free Trade Agreements (FTA) as a member of the Gulf Cooperation Council (GCC) with China, South Korea, Australia, the European Free Trade Association (EFTA), New Zealand, Thailand, and the MERCOSUR.
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(c) EENI Global Business School (1995-2022)
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