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Kuwait – Imports
What does Kuwait import?
The main sources of Kuwait’s imports are the European Union, the United States of America, the GCC (of which major supplier is Saudi Arabia), China, Japan, India and the Republic of Korea. Together, these countries supply about 68% of Kuwait’s total imports.
The major items of Kuwait’s imports are: minerals and metals, non-electrical machinery, transport equipment, chemicals, electrical machinery, wood and paper, clothing, and fruits and vegetables
Main Sources Of Kuwait import?
Establishment of the GCC Customs Union,
Consequent upon the establishment of the GCC Customs Union, Kuwait’s MFN applied tariff average decreased from 7.7% in 2002 to 4.8% in 2007. Kuwait’s imports from its GCC partners represent about 12% of its total global imports.
The balance of Kuwait's services trade has consistently been negative; more imports than exports. The negative balance in the past 5 years has ranged from KD 637 million in 2007 to KD 1,026 million in 2008. The negative balance in 2009 (the last year for which statistics are available) was KD 715 million. The major item of services trade is travel with a negative balance of around KD 7.2 billion in 2009, followed by transportation and insurance. During the 2000-2009 period, export of services grew annually at 23% compared to 12% for imports
The foregoing amply illustrates the growth in Kuwait’s foreign trade and its diversification in terms of markets and sources of imports
Kuwait’s imports increased from KD 4.6 billion in 2005 to KD 6.4 billion in 2010 depicting an increase of 39% in five years, or about 8% per annum
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Features of Trade Policy
The major instrument of Kuwait’s trade policy is tariffs. These are applicable to imports, with many items carrying zero rates, while no tariffs are applied to Kuwait’s exports. Moreover, Kuwait uses a simple, uncomplicated tariff regime. All tariffs are applied on Most-Favoured-Nation (MFN) basis, except for imports originating from the Member States of the Gulf Cooperation Council (GCC), which are free of duty under the framework of the GCC Customs Union. Imports from a number of Arab countries, members of the Greater Arab Free-Trade Area, also enter free of any customs duty.
Import prohibitions and restrictions apply to relatively fewer tariff lines, only where justified for health, safety, security and religious reasons. Import restrictions / import licenses are not meant as restrictions limiting quantity of imports.
Import prohibitions and Restrictions
Opportunties in the Future
Future energy developments and challenges will create investment opportunities to generate energy, as well as transmitting and distributing energy besides improving the efficiency of energy use.
This will stimulate various partnerships among many parties including banks and technology owners to achieve overall targets
Efforts to diversify the energy mix, Kuwait is focusing on gas, and others like solar.
As Kuwait grows in terms of population and industries, we will focus on most economical and environmentally friendly mix of fuels.
Kuwait is a free and open economy and the country has consistently followed liberal trade policies ever since its founding as an independent state in 1961. The tried and tested recipe, based on the principles of the multilateral trading system, continues to pay dividends to the mutual interests of Kuwait and its trading partners, and contribute to the growth and development of the global economy. The country intends to continue following this policy and would strive to even improve on it in accordance with the agreement reached under Doha Development Agenda. In this context, it renews its resolve to work constructively alongside the other Members for conclusion of negotiations with a package of balanced results.
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Objectives of Trade Policy
The overall objective of Kuwait’s trade policy is to contribute to economic growth and development leading to raising standards of living and welfare and prosperity of the people. The policy is people-centric and welfare-oriented. Subsidiary and contributing objectives of trade policy are:
Expanding the production of and trade in goods and services.
Securing improved stable and predictable market access for Kuwaiti exports.
Keeping Kuwaiti market open and liberal for imports from all sources.
Creating enhanced employment opportunities for the people.
Catering to the legitimate interests of consumers, producers and traders in a balanced manner.
Protecting and preserving the environment.
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Balance of Kuwait's Services Trade
The balance of Kuwait's services trade has consistently been negative; more imports than exports. The negative balance in the past 5 years has ranged from KD 637 million in 2007 to KD 1,026 million in 2008. The negative balance in 2009 (the last year for which statistics are available) was KD 715 million. The major item of services trade is travel with a negative balance of around KD 7.2 billion in 2009, followed by transportation and insurance. During the 2000-2009 period, export of services grew annually at 23% compared to 12% for imports.
Kuwait’s imports from GAFTA members represent around 14% of its imports from all sources.
Kuwait’s imports increased from KD 4.6 billion in 2005 to KD 6.4 billion in 2010 depicting an increase of 39% in five years, or about 8% per annum.
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