The export scale of India to Kuwait has increased, with the value of Indian exports to the Gulf country rising by 34.78% year-on-year to USD 2.1 billion in 2024. This extraordinary increase reflects the deepening economic relations between the two countries and the wide variety of products that India produces and sends to Kuwait.
Image Source: Indian Narrative
Aircraft and Semi-Precious Stones
Aircraft and spacecraft parts have also recorded a significant exportation increase mainly due to the increasing need for such parts in Kuwait’s expanding aviation market. India is traditionally a major exporter of cereals to Kuwait. This has continued with a higher export of rice and other grains.
The exports have also increased due to the increased demand for precious and semi-precious stones such as diamonds and gemstones. These items have gained a market and have contributed to the exports of Kuwait in the global markets. Other products that have experienced increased export include vehicles (other than railway or tramway rolling stock) and pharmaceuticals.
Bilateral and Historical Trade Overview
On the balance of trade, the total trading relationship between India and Kuwait stands at USD 10.479 billion in the fiscal year of 2023-24. Of this, Indian exports were USD 2.1 billion up from USD 1.56 billion. This growth is attributed to the strong trade partnership holding between these two countries and the growing market of Indian products in Kuwait.
In the past, trade has always been the main concern of both India and Kuwait. India has been one of Kuwait’s major trading partners during the years in review. The Gulf nation, which has petroleum resources, has been one of the most important crude oil exporters to India.
Economic and Impressive Growth
Kuwait offers a lot of potential to India’s exports as the economy primarily depends on its export of petroleum products. This competitive and open market is especially suitable for Indian exporters in the fields of consumer and project goods. The increase in the exporting business between India and Kuwait can be attributed to the stability of the bilateral relationship between the two countries.
Since both nations are actively searching for new areas of cooperation, the prospects for expanding trade relations. Through its various trade promotion ventures, the Indian government is expected to further assist its exporters in venturing into the Kuwaiti market.
S. Jaishankar, in a post on X, tweeted, “Honoured to call on His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of the State of Kuwait. Conveyed the greetings of the President and Prime Minister. India and Kuwait share centuries-old bonds of goodwill and friendship. Our contemporary partnership is expanding steadily. Thank him for his guidance and insights on taking our ties to a higher level.”
Quotation Source: Twitter (X)
Conclusion
India’s exports have risen by 34.78% year on year to 2.1 billion dollars which is a great figure in trade cooperation between the two countries. The variety of export products that is evident in the balance of trade includes aircraft parts, cereals, precious stones, etc., indicating that the trade relations between the two countries are complex.
With both nations focusing on further developing their economic relationship, there is significant potential for continued growth and cooperation in the future.
