KUWAIT CITY: During the fiscal year 2023, the official reserve assets of the State of Kuwait experienced a decrease, declining by approximately 158 million dinars, or 1%, reaching a level of 14.620 billion dinars compared to 14.778 billion dinars in 2022.

However, there was an increase in December, with reserve assets rising by about 531 million dinars, or 3.7%, reaching 14.620 billion dinars compared to 14.089 billion dinars in November. Throughout 2023, the path of reserve assets exhibited fluctuations, with December marking the highest levels, followed by February with a value of 16 billion dinars, and April with 15.7 billion dinars; May saw a value of 15.6 billion dinars, June at 15 billion dinars, January at 14.8 billion dinars, August at 14.73 billion dinars, September at 14.6 billion dinars, November at 14 billion dinars, and October at 13.9 billion dinars.

Two main factors influenced the monthly performance of the reserves. Firstly, foreign currency and deposits abroad decreased to 12.309 billion dinars by the end of October, a drop of 5.15% compared to the previous month, despite an annual increase of 1.07%. On the other hand, Kuwait’s trade balance deficit with Gulf countries in the third quarter of 2023 decreased to about 280.3 million dinars, down 48.1 million dinars, or 14.6%, compared to the same period in 2022. Kuwait’s exports in the third quarter of 2023 amounted to approximately 168.2 million dinars, while imports reached 448.5 million dinars. Export figures to specific Gulf countries include approximately 52.9 million dinars to Saudi Arabia with imports of 139.6 million dinars, resulting in a trade deficit of 86.8 million dinars.

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