Key Developments in the Balance of Payments of the State of Kuwait for the First Quarter of 2021
The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for Q1 2021, and the revised data of Q4 2020. The data revealed a surplus during Q1 2021 of KD 1,599.5 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) against a surplus of KD 3,648.1 million during the previous quarter, i.e. a drop by 56.2% equivalent to KD 2,048.6 million. This downturn is attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 2,287.4 million or 25.9% compared with the previous quarter, and the decrease in the total value of payments on the debit side of the Current Account by KD 238.8 million or 4.6% compared with the previous quarter.
Furthermore, preliminary data indicate an increase in the surplus of the Balance on Goods by KD 808.6 million or 70.7% to reach KD 1,952.2 million during Q1 2021 against KD 1,143.7 million during the previous quarter. This upsurge is mainly attributable to the higher crude oil exports.