India's export scale to Kuwait has increased and the value of Indian exports to the Gulf country grew 34.78% year-on-year to US$2.1 billion in 2024. This extraordinary growth reflects the deepening economic ties between the two countries and the vast variety of products produced by India and exported to Kuwait.
image Source: Indian narratives
Plane and semi-precious stones
Exports of aircraft and spacecraft parts have also registered a significant increase, mainly due to the growing demand for such parts in Kuwait's growing aviation market. India has traditionally been a major exporter of grains to Kuwait. This has continued with high exports of rice and other grains.
Exports have also increased due to the growing demand for precious and semi-precious stones such as diamonds and gems. These commodities have gained markets and contributed to Kuwait's exports in global markets. Other products whose exports have increased include vehicles (other than railway or tramway rolling stock) and pharmaceuticals.
Bilateral and Historical Trade Overview
In terms of trade balance, the total trade relationship between India and Kuwait is US$ 10.479 billion in FY 2023-24. Out of this, Indian exports increased from US$ 1.56 billion to US$ 2.1 billion. This growth is attributed to the strong trade partnership between these two countries and the growing market for Indian products in Kuwait.
In the past, trade has always been a major concern for both India and Kuwait. India has been one of Kuwait's major trading partners in the years under review. This Gulf country with petroleum resources has been one of the most important crude oil exporters to India.
economic and influential development
Kuwait offers great potential for India's exports as the economy depends mainly on the export of petroleum products. This competitive and open market is particularly suitable for Indian exporters in the consumer and project goods sector. The growth in export turnover between India and Kuwait can be attributed to the stability of bilateral relations between the two countries. As both countries are actively seeking new areas of cooperation, there is potential for expanding trade relations. Through its various trade promotion initiatives, the Indian government is expected to further assist its exporters in entering the Kuwaiti market.
S. Jaishankar tweeted in a post on X, “Proud to have met His Highness Sheikh Sabah Al-Khalid Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of Kuwait. Conveyed greetings of the President and Prime Minister. India and Kuwait share age-old bonds of goodwill and friendship. Our contemporary partnership continues to grow. Thank him for his guidance and insights in taking our relationship to even greater heights.”
Quote sources: Twitter (X)
conclusion
India's exports grew by 34.78% to $2.1 billion compared to last year, which is a major achievement in trade cooperation between the two countries. The diversity of export products is clearly visible in the trade balance, which includes aircraft parts, grains, precious stones, etc., indicating that the trade relationship between the two countries is complex. Both countries are focused on further developing their economic relations, which has significant potential for continued growth and cooperation in the future.
