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Mon 21 Dec 2015 12:32 PM

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Kuwait Q3 trade surplus shrinks 66%

Low oil prices slashed export revenues, gov't data showed

Kuwait Q3 trade surplus shrinks 66%
Khalifa Hamada, Kuwaiti finance ministry undersecretary. (Getty Images)

Kuwait's foreign trade surplus shrank 66 percent from a year earlier to 1.84 billion dinars ($6.1 billion) in the third quarter of 2015 as low oil prices slashed export revenues, data from the Central Statistical Bureau showed on Monday.

Earlier this month, the Gulf state also announced it expects it’s 2015-16 budget deficit to be between 5 and 6 billion dinars ($16.5-$19.8 billion). However, Finance Ministry Undersecretary Khalifa Hamada said this would be lower than the 8.18 billion dinars the country was projecting previously.

Hamada also told journalists in Kuwait City that Kuwait planned to unify corporate taxes on local and foreign companies at 10 percent, and expected revenues from such a move to exceed 2 billion dinars a year.

The official also said that Kuwait was still studying better management of fuel subsidies, but any changes would begin with petrol. He said that better management of fuel subsidies would earn the country 1 billion dinars in savings.