Trade exchange between Saudi Arabia and Kuwait has achieved tremendous growth during the last decade (2011-2020).
The current trade exchange value between Saudi Arabia and Kuwait has reached $22 billion over the past ten years.
According to the Al Eqtisadiah newspaper, the value of trade relations between the two countries amounted to 83.5 billion Saudi riyals in 10 years.
The newspaper said the largest exchange value was in 2018 with about 9.5 billion riyals ($2.6 billion). Of which, 7.9 billion riyals ($2.1 billion) were Saudi exports to Kuwait, compared to 1.6 billion riyals ($430 million) imports.
The trade exchange between the two countries witnessed a decrease of 15% to reach 7.7 billion riyals ($2 billion) during 2020. This was a natural result of the outbreak of the Coronavirus pandemic.
The pandemic caused the closure borders and the disruption of supply chains with the decline in global trade between all countries.
During 2020, Kuwait ranked 22nd among the largest importers from the Saudi Arabia, with about 6 billion riyals ($1.6 billion).
Kuwait ranked 46th among the largest suppliers to Saudi Arabia, with a value of 1.7 billion riyals ($450 million). Additionally, Kuwait is the kingdom’s 30th trading partner among the countries of the world.
During the third quarter of 2021, the volume of trade exchange between the two countries amounted to 2.7 billion riyals ($720 million). This is an increase of 39.4% over the same period last year, which amounted to 1.95 billion riyals ($520 million).
The trade exchange between the two countries during the third quarter of this year amounted to 2.1 billion riyals ($560 million) in exports. This is compared to 1.53 billion riyals ($410 million) in the same period of 2020.
Imports amounted to 620 million riyals ($165 million), compared to 423 million riyals ($112 million) in the same period last year.
Among the most prominent commodities that Saudi Arabia exported to Kuwait in 2020 are dairy, eggs, animal products for food, plastics and articles thereof, soap and candles, and articles of iron or steel (steel).
The most important commodities imported from Kuwait were barley, mill products, mineral products, drinks, liquids, vinegar, and paperboard.