The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the USD 1.56 billion reported in the previous fiscal year….reports Asian Lite News
India’s trade with Kuwait has surged remarkably, with Indian exports to the Gulf nation reaching an impressive USDS 2.10 billion in the fiscal year 2023-24, as per the official data by Ministry of Commerce and Industry.
The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the USD 1.56 billion reported in the previous fiscal year.
This surge in exports also highlighted the robust trade relationship between the two countries, reflecting a substantial year-on-year growth.
As per the data 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, accounting for approximately 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 GCC (Gulf Cooperation Council) countries, trailing only 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 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 per cent 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 per cent of the country’s total energy needs. (ANI)
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