Kuwait is a relatively open economy. It has always offered a highly competitive and affluent market for capital and consumer goods and for project exports. While Indian companies did well until the 80s in terms of project exports, there has been little progress on the investment front since the 90s. However bilateral trade between India and Kuwait has risen in the post-liberation period. |
| India-Kuwait Bilateral Trade FY 2002-07 |
| Period |
2002-03 |
2003-04 |
2004-05 |
2005-06 |
2006-07 |
Indian Exports to Kuwait |
121,259.26 |
145,945.92 |
182,965.56 |
227,428.27 |
302,818.46 |
Indian Imports from Kuwait |
86,869.56 |
65,471.41 |
133,478.01 |
204,276.26 |
2,967,744.00* |
Total |
208,128.83 |
211,417.34 |
316,448.06 |
431,503.46 |
3,270,562.46 |
| Source: Directorate General of Commercial Intelligence & Statistics (DGCI&S), Kolkata |
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The sharp increase in trade figures in 2006-07 is due to the inclusion of figures of Petroleum & its products (POL) which were not included in the previous financial years. POL imports accounted for Rs. 2,557,078 lakhs in the year 2006-07. |
India-Kuwait Bilateral Trade Indian FY 2001-06 |
| Period |
2002-03 |
2003-04 |
2004-05 |
2005-06 |
2006-07 (April-Sept.) |
Indian Exports to Kuwait |
250.56 |
317.61 |
407.21 |
513.73 |
298.73 |
Indian Imports from Kuwait |
179.50 |
142.48 |
297.07 |
461.85 |
2892.07 |
Total |
430.06 |
460.09 |
704.29 |
975.59 |
3190.80 |
Source: Directorate General of Commercial Intelligence & Statistics (DGCI&S), Kolkata
All figures on FOB basis |
|
Total bilateral trade between India and Kuwait grew by 65% from Rs. 431,503.46 lakhs (US$ 974.63 million) in FY 2005-06 to Rs. 713,484.46 lakhs (US$ 1.57 billion) in FY 2006-07. |
| India-Kuwait Bilateral Trade 2000-2004 |
Period |
2000 |
2001 |
2002 |
2003 |
2004 |
Indian Exports to Kuwait |
273.1 |
297.72 |
353.40 |
407.31 |
524.01 |
Indian Imports from Kuwait |
88.7 |
62.63 |
83.35 |
97.60 |
104.63 |
Total |
361.8 |
360.35 |
436.75 |
504.91 |
628.64 |
Data excludes figures for crude oil and its by-products
Source: Kuwait Chambers of Commerce and Industry / Kuwaiti Ministry of Planning
Imports on CIF and exports on FOB basis |
|
Latest figures from the Kuwait Chambers of Commerce and Industry /Kuwaiti Ministry of Planning are only available until the year 2004]. |
| India’s Exports to Kuwait |
India’s exports grew by 33.15% from Indian Rupees 227,428.27 lakhs (US$ 513.69 million) in 2005-06 to Indian Rupees 302,818.46 lakhs (US$ 669.22) in 2006-07. |
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Above is a pie-chart showing the share of top 10 items of imports from India during 2006-07. This shows that the major items imported from India were rice (basmati), meat & its preparations, machinery & instruments, manufactures of metals, glass products, gems & jewelry, cotton & its accessories, iron & steel and transport equipments. |
India’s Imports from Kuwait |
Indian imports from Kuwait have gone up by 101% from Rs. 204,276.26 lakhs (US$ 461.39 million) in FY 2005-06 to Rs. 410,666 lakhs (US$ 907.56 million) in FY 2006-07, as per DGCIS statistics.
POL imports from Kuwait accounted for Rs. 2,557,078 lakhs (US$ 5.65 billion) in the year 2006-07.
A pie-chart showing the share of top 10 items of exports from India during 2006-07 is given below. This shows the major items (excluding crude oil) imported by India as metalifier ores & metal scrap; organic chemicals; fertilisers; sulphur & unrstd iron pyt; inorganic chemicals; artificial resins, plastic materials, etc.; textiles, fabrics & clothings; machinery except electric & electronic; and leather. |
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| Bilateral Agreements between India and Kuwait in the Economic Field |
- Memorandum of Understanding on Labour, Employment and Manpower Development signed on April 10, 2007 entered into force on October 18, 2007.
- Agreement on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs, Psychotropic Substances and Precursor Chemicals and Related Matters signed on June 15, 2006 is awaiting ratification.
- Agreement on Juridical and Judicial Cooperation in Civil and Commercial Matters signed on August 16, 2005 is awaiting ratification;
- Agreement for Encouragement and Reciprocal Protection of Investment signed on November 27, 2001 is awaiting ratification;
- MoU between the Public Authority for Industry (PAI) of Kuwait and Indian Importers Association (IIA) based in New Delhi in May 2006 wherein IIA will promote the export, re-export and sales of Kuwaiti manufactured non-oil industrial products in its appointed territory for the Kuwaiti manufacturers introduced to it by PAI.
- The Kuwait Chamber of Commerce & Industry (KCCI) signed an MoU with the Associated Chambers of Commerce & Industry (ASSOCHAM) during the State Visit to India from June 14-19, 2006 by His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait. The MoU foresees promotion of trade, investment, scientific and technical cooperation between the India and Kuwait.
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