Kuwait : A Largest Export Economy

859 WordsDec 5, 20154 Pages
Kuwait Kuwait is a small Arab country in western Asia; compose of about 4.09 million inhabitants. Even though it is a small country, it is the 8th richest country in the world per capita. The country is a constitutional monarchy, governed by the al-Sabah family. Kuwait offers an open competitive and wealthy market for consumer goods and project exports. We will be examining the country’s major imports and exports and its changes over the decade, trade barriers, and trade agreements their in. Exports and Imports: Kuwait is the 38th largest export economy in the world. It is estimated that the country reserves eight to ten percent of the worlds oil reserves. Kuwait is the world’s eight biggest exporter and the tenth largest producer of petroleum. The oil revenues constitute the main source of income of the state’s revenues. As reported by Trading Economics, 95 percent of their total export is due to the shipments of crude and refined oil. By the second quarter of 2015 their exports increased from 4063.70 KWD million (13380.7 USD million) in the first quarter to 4842.40 KWD million (16082.5 USD million). In addition, Peak Oil Barrel, made it simple to understand how much this country produces, in thousand, barrels per day. Examining the graph, its evidence the amount of oil produce each day is what brings this small country billions of dollars each year. They also export other minor items such as various types of metals. As export increases the import
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