India’s exports to Kuwait reached $2.10 billion in FY24, up by 34.78 per cent compared to the $1.56 billion reported in the previous fiscal year, according to the official data by the ministry of commerce and industry.
This surge denotes a strong trade relationship between the two nations, reflecting a substantial year-on-year growth.
Key factors that contribute to the growth of exports include aircraft and spacecraft components, cereals, and a wide variety of precious and semi-precious stones according to data.
Furthermore, the export of imitation jewelry, coins, vehicles, and pharmaceutical products has also contributed to this remarkable performance.
Kuwait’s economy is a petroleum predominant country with its vast resources, and has maintained its position as a significant trading partner for India.
According to latest OPEC data, the country boasts estimated crude oil reserves of 101.5 billion barrels that account for almost 6 per cent of the world’s total reserves, and proven natural gas reserves of 1,784 billion cubic meters, or about 63 trillion cubic feet, according to the latest OPEC data.
The country also stands as the fourth-largest economy among the Gulf Cooperation Council countries, after the UAE, Saudi Arabia, and Qatar. This competitive and open market presents substantial opportunities for Indian exports, particularly in the consumer goods and project sectors.
As per the official statement, historically, trade has been a ground of India-Kuwait relations . India has consistently ranked among Kuwait’s top trading partners. For the fiscal year 2023-24, the total bilateral trade between India and Kuwait reached $10.479 billion. Of this, Indian exports constituted $2.10 billion, showcasing a drastic increase of 34.7 per cent year-over-year.
Furthermore, Kuwait is a significant contributor to meet India’s energy requirements. Kuwait was India’s sixth-largest crude oil supplier to India during the fiscal year 2023-24, fulfilling approximately 3 per cent of the country’s total energy needs.