Kuwait recorded a $5.3bn trade surplus in the first quarter of 2017, up $4bn on the same period in 2016. But as this is primarily down to oil revenues of $12bn, falling crude prices in Q2 imply an imminent drop-off. At $12.1bn, oil revenues represented 89% of total exports in Q1 (see table).
Kuwait Export Blend crude averaged $51.33/B in Q1 2017, against just $28.11/B in Q1 2016, an 82% rise. This slipped to $49.73/B in April-May and with Brent tumbling 7.5% in June, it will be pushed closer to $45/B. While still considerably higher than 12 months ago, it could bring the trade surplus below $4bn for the first time since Q1 2016. (CONTINUED - 429 WORDS)
