(MENAFN- KNN India)
New Delhi, Sep 9 (KNN) India's exports to Kuwait reached USD 2.10 billion in the fiscal year 2023-24, marking a significant increase of 34.78 per cent from the USD 1.56 billion recorded in the previous fiscal year, according to official data from the Ministry of Commerce and Industry.
This growth underscores the strengthening trade relationship between the two nations.
The rise in exports is attributed to several key factors, including the export of aircraft and spacecraft components, cereals, and a diverse range of precious and semi-precious stones.
Additionally, imitation jewelry, coins, vehicles, and pharmaceutical products have contributed to the impressive performance.
Kuwait, a petroleum-rich nation with substantial reserves, plays a crucial role as a trading partner for India.
According to the latest OPEC data, Kuwait possesses estimated crude oil reserves of 101.5 billion barrels, representing nearly 6 per cent of global reserves, and proven natural gas reserves of approximately 1,784 billion cubic meters (63 trillion cubic feet).
Kuwait ranks as the fourth-largest economy within the Gulf Cooperation Council, following the UAE, Saudi Arabia, and Qatar.
This competitive market presents significant opportunities for Indian exports, especially in the consumer goods and project sectors.
Historically, trade has been a cornerstone of India-Kuwait relations, with India consistently ranking among Kuwait's top trading partners.
For the fiscal year 2023-24, total bilateral trade between the two countries reached USD 10.479 billion, with Indian exports contributing USD 2.10 billion-a notable increase of 34.7 per cent year-over-year.
Furthermore, Kuwait is a key supplier of crude oil to India, ranking as the sixth-largest supplier in the 2023-24 fiscal year and fulfilling approximately 3 per cent of India's total energy needs.
(KNN Bureau)
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