Press Releases

Press Release: Key Developments in the Balance of Payments of the State of Kuwait for the Year 2018

08.05.19 The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for the year 2018, and the revised data of the preceding year. The preliminary data revealed a surplus of KD 6,158 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) compared to a surplus of KD 2,913 million during the previous year. This upturn in the Current Account surplus is mainly attributed to the surplus in the trade balance (merchandise exports minus merchandise imports on FOB basis) to reach KD 12,363 million during 2018, compared to a surplus of KD 7,794 million during the previous year. The mentioned surplus reflects mainly the increase in the value of the hydrocarbon exports at a higher rate than the rate of increase in imports.

On the other hand, the Services Account deficit (net value of services transactions between residents and non-residents, the most important of which are travel, construction and government goods and services) increased by KD 1,214 million or 19.8% to record KD 7,341 million in 2018, compared to deficit of KD 6,127 million during the previous year.

Regarding the Financial Account (recording transfers of financial assets and liabilities between residents and non-residents), the net value of residents’ external assets under this account reached KD 7,325 million during 2018 against KD 5,288 million during the previous year.

As a result, the overall position of Kuwait’s BoP recorded a surplus of KD 1,140 million during 2018 compared to a surplus of KD 597 million during the previous year.

From a broader perspective, and taking into consideration the change in the net value of external assets of some institutions listed under "General Government", BoP’s overall position, in broad definition, indicates a surplus of KD 7,832 million during 2018 against a surplus of KD 3,429 million during the previous year.


Summary of the Balance of Payments of the State of Kuwait

(KD Million)

Item                        

2017

(Revised)

2018

(Provisional)

Current Account, of which:

2,913

6,158

    - Balance on Goods        

7,794

12,363

      *Goods: Exports (f.o.b), of which: 16,744 21,826
    Oil Exports (15,034) (19,745)
    *Goods: Imports (f.o.b) -8,950 -9,462

  Capital Account         

-130

-64

  Financial Account     

5,288

-7,325

      



Source: Central Bank of Kuwait.