Kuwait - Balance of payments



Kuwait enjoys a highly favorable payments position because of its huge trade surpluses. The Kuwaiti dinar is completely covered by the country's reserve fund, 50% of which must be in gold.

The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of Kuwait's exports was $16.2 billion while imports totaled $7.4 billion resulting in a trade surplus of $8.8 billion.

The International Monetary Fund (IMF) reports that in 2001 Kuwait had exports of goods totaling $16.2 billion and imports totaling $6.93 billion. The services credit totaled $1.79 billion and debit $5.34 billion. The following table summarizes Kuwait's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Kuwait

Current Account 8,562
Balance on goods 9,238
Balance on services -3,551
Balance on income 4,956
Current transfers -2,081
Capital Account 2,931
Financial Account -6,036
Direct investment abroad -323
Direct investment in Kuwait -39
Portfolio investment assets -7,372
Portfolio investment liabilities -78
Other investment assets 430
Other investment liabilities 1,347
Net Errors and Omissions -2,553
Reserves and Related Items -2,905

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