India-Kuwait Trade Soars by 34.78% in Fiscal Year 2023-24

India's trade with Kuwait has seen a significant surge, with exports reaching USD 2.10 billion in FY 2023-24. Key sectors driving this growth include aircraft parts, cereals, and precious stones. Total bilateral trade between the two nations amounts to USD 10.479 billion.

India's trade with Kuwait has experienced a remarkable surge, with Indian exports to the Gulf nation reaching an impressive USD 2.10 billion in the fiscal year 2023-24, according to official data from the Ministry of Commerce and Industry. This 34.78% increase over the previous fiscal year's USD 1.56 billion underscores the robust trade relationship between the two countries.

The key sectors driving this growth include aircraft and spacecraft parts, cereals, and a diverse range of precious and semi-precious stones. Additionally, imitation jewelry, coins, vehicles excluding railway or tramway rolling stock, and pharmaceutical products have also contributed significantly to this impressive performance.

Kuwait's economy, largely driven by its vast petroleum resources, remains a significant trading partner for India. With estimated crude oil reserves of 101.5 billion barrels and proven natural gas reserves of 1,784 billion cubic meters, Kuwait plays a crucial role in meeting India's energy needs. In FY 2023-24, Kuwait was the sixth-largest crude oil supplier to India, fulfilling around 3% of the nation's total energy requirements.

(With inputs from agencies.)