$262mln worth of US vehicles imported by Kuwait in H1 2024

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KUWAIT CITY - In the first half of 2024, Kuwait engaged in significant trade with the United States, focusing on automotive imports and oil exports, reports Al-Seyassah daily. Kuwait imported American cars and automotive parts valued at $262 million.

This amount was distributed among various categories: $194 million for passenger cars, $42 million for passenger trucks and buses, and $26 million for spare parts. In June alone, Kuwait’s imports totaled $31 million, comprising $23 million for passenger cars, $3 million for trucks and buses, and $5 million for spare parts. According to data reviewed by Mubasher, the United States exported a total of $3.9 billion worth of cars, buses, and spare parts to three major Arab nations — Saudi Arabia, the UAE, and Kuwait. This included $2.496 billion for passenger cars, $1.129 billion for trucks and buses, and $262 million for spare parts. The UAE was the largest importer of American vehicles, with total imports amounting to $2.496 billion. This included $2.050 billion for passenger cars, $94 million for trucks and buses, and $352 million for spare parts. In June 2024, the UAE imported $384 million worth of American vehicles, broken down into $311 million for passenger cars, $22 million for trucks and buses, and $51 million for spare parts. Saudi Arabia also made substantial purchases, totaling $1.129 billion.

This comprised $914 million for passenger cars, $90 million for trucks and buses, and $125 million for spare parts. In June, Saudi Arabia’s imports amounted to $159 million, including $121 million for passenger cars, $14 million for trucks and buses, and $24 million for spare parts. Overall, US exports of cars, buses, and spare parts during the first half of 2024 reached approximately $90.549 billion. This figure was distributed as follows: $30.635 billion for passenger cars, $15.041 billion for trucks and buses, and $44.873 billion for spare parts. In addition to automotive imports, Kuwait exported oil to the United States worth $249 million during the same period. In the first half of 2024, Kuwait exported approximately 3.227 million barrels of oil to the United States, with the total value reaching around $249.335 million. This aligns with Kuwait’s ongoing commitment to the global energy market.

In contrast, Saudi Arabia’s crude oil exports to the US were significantly higher, totaling 55.18 million barrels valued at $4.73 billion. During June 2024 alone, Saudi Arabia exported 7.14 million barrels to the US, generating $616.14 million in revenue. This was a decrease from the $1.014 billion earned in May 2024 from 11.679 million barrels. Notably, Saudi Arabia’s crude oil production fell by 76,000 barrels per day in June compared to the previous month, according to a recent OPEC report. US oil imports from January to June 2024 totaled approximately 1.179 billion barrels, amounting to $83.858 billion. The UAE, another key player in the oil market, exported 5.099 million barrels to the US valued at over $439.48 million. In June 2024, UAE’s oil imports reached about 1.996 million barrels, contributing to a total value of $175.8 billion for the period. These figures highlight the dynamic nature of global oil trade and the significant role played by Middle Eastern countries in meeting US energy needs.