Kuwait's ministry allocates $591.31mln in food, construction support

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KUWAIT - In the first half of the year, the Ministry of Commerce and Industry allocated a substantial 181 million Kuwaiti dinars in support for essential food and construction supplies.

This support was divided into key categories such as basic materials 67 million dinars, which made up 37% of the total support.

This is in addition to milk and baby food which accounted for 6.927 million dinars, representing 3.8% of the support, and construction materials for 107 million dinars, constituting 59% of the total support. In June alone, the ministry dedicated 34 million dinars to food support.

Out of this, approximately 16 million dinars (46%) were directed towards basic materials through ration cards. This represented a slight 1% decrease from May. Support for milk and baby food reached about 2 million dinars, accounting for 5% of the monthly support, and reflecting a significant 53% increase from the previous month. Construction materials received around 16 million dinars in June, making up 49% of the total monthly support and showing a 2% increase compared to May.

During the first half of the year, the ministry recorded substantial trademark-related activities — trademark filings accounted for about 18,000 transactions; renewals 3,300 transactions, trademark visas approximately 2,500 issued; objections 207 transactions, publishing 5,500 transactions, agent registry 7 transactions, grievances 59 transactions. In June, there was a notable decrease in trademark-related activities. The ministry recorded 2,728 trademark filing transactions, a 13% decline from May’s 3,137 transactions. Renewals also fell to 398.

Other June statistics include trademark visas 405 transactions, objection transactions 26, marking a 42% decrease from May; publishing transactions dropped to 750, a 42% decrease from May; trademark extraction transactions decreased to 30, down from 41 in May. Total Kuwaiti exports for the first half of the year reached approximately 149 million dinars.

The breakdown is as follows:
■ Gulf Cooperation Council (GCC) Countries: 97 million dinars, representing 65% of the total.
■ Arab Countries: 45 million dinars.
■ European Countries: 4.8 million dinars.
■ African Countries: 600 thousand dinars.
■ Asian and Australian Countries: 222 thousand dinars.
■ American Continents: 428 thousand dinars. In June 2024, total Kuwaiti exports amounted to about 22 million dinars, with the following distribution:
■ GCC Countries: 12 million dinars, reflecting a 21% decrease from May.
■ Arab Countries: 9 million dinars, showing a 25% increase from May.
■ European Countries: 515 thousand dinars, down 53% from May.
■ African Countries: 116 thousand dinars.
■ Asian and Australian Countries: 1 thousand dinars.
■ American Continents: 77 thousand dinars, a 45% decrease from May.

Overall, June saw an 8% decrease in the total value of exports compared to the previous month, highlighting a shift in trade patterns and economic dynamics.