Kuwait: Oil Crops Market 2024

Oil Crops Market Size in Kuwait

In 2022, after four years of growth, there was significant decline in the Kuwaiti oil crops market, when its value decreased by X% to $X. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then contracted in the following year.

Oil Crops Production in Kuwait

In value terms, oil crops production fell significantly to $X in 2022 estimated in export price. Over the period under review, production, however, showed buoyant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

In 2022, the average oil crops yield in Kuwait was estimated at less than X kg per ha, therefore, remained relatively stable against 2021 figures. Over the period under review, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of oil crops (primary) production in Kuwait stood at less than X ha, flattening at the previous year's figure. Over the period under review, the harvested area recorded a relatively flat trend pattern.

Oil Crops Exports

Exports from Kuwait

In 2022, the amount of oil crops (primary) exported from Kuwait dropped dramatically to X tons, declining by X% against 2021. In general, exports, however, recorded a modest expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, oil crops exports reduced rapidly to $X in 2022. Over the period under review, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Qatar (X tons) was the main destination for oil crops exports from Kuwait, accounting for a X% share of total exports. Moreover, oil crops exports to Qatar exceeded the volume sent to the second major destination, Iraq (X tons), threefold. Bahrain (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Qatar stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (X% per year) and Bahrain (X% per year).

In value terms, Qatar ($X) remains the key foreign market for oil crops (primary) exports from Kuwait, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Qatar stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the average oil crops export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Kuwait

After two years of growth, overseas purchases of oil crops (primary) decreased by X% to X tons in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, oil crops imports shrank slightly to $X in 2022. In general, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

China (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of oil crops imports to Kuwait, together accounting for X% of total imports. Sudan, Somalia, Egypt and Argentina lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Somalia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest oil crops suppliers to Kuwait were China ($X), Sudan ($X) and India ($X), together comprising X% of total imports. The United Arab Emirates, Somalia, Egypt and Argentina lagged somewhat behind, together accounting for a further X%.

Somalia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average oil crops import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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