The trade exchange between the UAE and Kuwait between 2013 and 2022 totalled Dh317 billion, marking a 120.5% increase over 10 years, according to figures released by the UAE Ministry of Finance.
The amount included Dh63 billion for imports, Dh85.5 billion for non-oil exports, and Dh168.5 billion for re-exports.
In 2022, trade exchange reached Dh44.1 billion, compared to Dh20 billion in 2012, according to the data. The value of trade exchange in 2022 saw a growth of over 14.5%, which included Dh7.5 billion in imports, Dh14.3 billion in non-oil exports, and Dh22.3 billion in re-exports.
In contrast, the value of trade exchange between the two countries in 2013 amounted to about Dh23.3 billion, with Dh5.4 billion for imports, Dh5.5 billion for non-oil exports, and Dh12.4 billion for re-exports.
In 2014, the value of trade exchange reached Dh25.7 billion, divided into Dh5.8 billion for imports, Dh6.3 billion for non-oil exports, and Dh13.6 billion for re-exports. The volume of trade exchange increased in 2015 to Dh26 billion, with Dh5.1 billion for imports, Dg=h6.8 billion for non-oil exports, and Dh14.1 billion for re-exports.
The value of trade exchange increased slightly in 2016 to Dh25.8 billion, with Dh7.5 billion in imports from Kuwait, Dh5.7 billion in non-oil exports, and Dh12.6 billion in re-exports.
In 2017, the total value of inter-trade reached Dh25.4 billion, with Dh6.6 billion in imports, Dh6.4 billion in non-oil exports, and Dh12.4 billion in re-exports.
In 2018, it increased significantly to Dh39.3 billion, with imports growing to Dh8.5 billion, non-oil exports to Dh10.5 billion, and re-exports to Dh20.3 billion.
In 2019, the value of inter-trade reached Dh38.8 billion, with imports reaching Dh7.5 billion, non-oil exports reaching Dh9.9 billion, and re-exports reaching Dh21.4 billion.
In 2020, inter-trade reached Dh30.1 billion, with AED4.2 billion in imports, Dh7.4 billion in non-oil exports, and AED18.5 billion in re-exports.
In 2021, trade exchange saw a big jump, reaching Dh38.5 billion, with Dh4.9 billion in imports, ADh12.7 billion in non-oil exports, and Dh20.9 billion in re-exports.
Meanwhile, the number of Kuwaiti tourists who stayed in the UAE’s hotels in 2023 increased to 400,000 compared to 250,000 in 2022.
Economic relations are underpinned by active direct investment between the two countries, with Kuwaiti investments in the UAE focused on real estate, tourism, telecommunications, and textiles. Emirati investments in Kuwait are mainly concentrated in coal, oil and gas, transportation and storage, real estate, telecommunications, minerals, food, hotels, and aviation.
Last month, the two nations signed an agreement to avoid double taxation on income and capital taxes, as well as prevent tax evasion and avoidance.