ENA Global 2024-09-09 15:26:13 <p><span style="font-size:14px"><strong>New Delhi, Sep 9 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">This growth underscores the strengthening trade relationship between the two nations.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, imitation jewelry, coins, vehicles, and pharmaceutical products have contributed to the impressive performance.</span></p> <p><span style="font-size:14px">Kuwait, a petroleum-rich nation with substantial reserves, plays a crucial role as a trading partner for India.</span></p> <p><span style="font-size:14px">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).</span></p> <p><span style="font-size:14px">Kuwait ranks as the fourth-largest economy within the Gulf Cooperation Council, following the UAE, Saudi Arabia, and Qatar.</span></p> <p><span style="font-size:14px">This competitive market presents significant opportunities for Indian exports, especially in the consumer goods and project sectors.</span></p> <p><span style="font-size:14px">Historically, trade has been a cornerstone of India-Kuwait relations, with India consistently ranking among Kuwait's top trading partners.</span></p> <p><span style="font-size:14px">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&mdash;a notable increase of 34.7 per cent year-over-year.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39209 https://knnindia.co.in/news/newsdetails/global/indias-exports-to-kuwait-surge-3478-to-usd-210-billion-in-fy-2023-24 2024-09-09 15:26:13 knnindia.co.in