Kuwait’s trade surplus dropped 97.06% year-on-year during the first four months of the fiscal year 2019/2020, recording KWD 44.8 million ($147.66 billion), according to a report released by the Ministry of Finance (MoF).
Revenue reached KWD 6.3 billion in the four-month period ended 31 July, while expenses and liabilities hit KWD 5.63 billion in the same period.
As per MoF’s estimates, the budget deficit is expected to reach KWD 5.27 billion in FY19/20, while revenues and expenses may hit KWD 15.81 billion and KWD 22.5 billion, respectively.
The Kuwaiti foreign currency reserves grew by 5.01% year-on-year to KWD 11.588 billion ($38.236 billion) in July 2019, according to a report released by the Central Bank of Kuwait (CBK).
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