India’s Trade with Kuwait Grows by 34.78% in 2023-24
India’s trade with Kuwait has surged remarkably, with Indian exports to the Gulf nation reaching an impressive USD 2.10 billion in the fiscal year 2023-24, according to the Ministry of Commerce and Industry. This marks a significant increase of 34.78% compared to the USD 1.56 billion reported in the previous fiscal year.
The key sectors driving this export growth include aircraft and spacecraft parts, cereals, and a diverse range of precious and semi-precious stones. Additionally, the export of imitation jewelry, coins, vehicles (excluding railway or tramway rolling stock), and pharmaceutical products have contributed to this impressive performance.
Kuwait’s economy, predominantly driven by its vast petroleum resources, has maintained its position as a significant trading partner for India. The country boasts estimated crude oil reserves of 101.5 billion barrels and proven natural gas reserves of 1,784 billion cubic meters, according to the latest OPEC data. Kuwait is the fourth-largest economy among the GCC (Gulf Cooperation Council) countries, trailing only the UAE, Saudi Arabia, and Qatar.
Historically, trade has been a cornerstone 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 USD 10.479 billion. Of this, Indian exports constituted USD 2.10 billion, reflecting a notable increase of 34.7% year-over-year.
Furthermore, Kuwait continues to play an important role in meeting India’s energy requirements. During the fiscal year 2023-24, Kuwait was the sixth-largest crude oil supplier to India, fulfilling approximately 3% of the country’s total energy needs.
Doubts Revealed
Trade -: Trade means buying and selling goods and services between countries. For example, India sells cereals to Kuwait and buys crude oil from them.
Kuwait -: Kuwait is a small country in the Middle East, known for its rich oil reserves. It is one of India’s important trading partners.
34.78% -: 34.78% is a percentage that shows how much something has increased. Here, it means India’s trade with Kuwait grew by this amount compared to the previous year.
Fiscal year -: A fiscal year is a 12-month period used for accounting purposes. In India, it starts on April 1st and ends on March 31st of the next year.
Exports -: Exports are goods and services that a country sells to other countries. For example, India sells aircraft parts and cereals to Kuwait.
USD 2.10 billion -: USD 2.10 billion means 2.10 billion US dollars. It is the amount of money India earned from selling goods to Kuwait.
Aircraft parts -: Aircraft parts are components used to build or repair airplanes. India exports these parts to Kuwait.
Cereals -: Cereals are grains like rice and wheat that people eat. India exports cereals to Kuwait.
Precious stones -: Precious stones are valuable gems like diamonds and rubies. India exports these to Kuwait.
Crude oil -: Crude oil is unrefined oil extracted from the ground. It is used to make petrol and other products. Kuwait supplies crude oil to India.
Bilateral trade -: Bilateral trade means trade between two countries. Here, it refers to the trade between India and Kuwait.
USD 10.479 billion -: USD 10.479 billion means 10.479 billion US dollars. It is the total value of goods traded between India and Kuwait in 2023-24.