Expatriate remittances decline to 3.9 billion dinars in 2023, down from 5.4 billion in 2022

According to the statistical data available to Kuwait News Agency (KUNA), the country’s current account recorded a surplus of about 15.8 billion dinars in 2023, a decrease of 18.3% from the previous year. The bank attributed this decrease to a decrease in the merchandise surplus balance and an increase in the net deficit in the services account.

The merchandise balance surplus witnessed a noticeable decline of about 6.3 billion dinars, or 28.7%, compared to the previous year, to settle at 15.7 billion dinars. This decrease is primarily due to the decrease in oil revenues, which decreased by about 4.8 billion dinars, or 16.7%, as a result of the decrease in average oil prices.

The services account, which includes service-related transactions between residents and non-residents, including transportation, travel, communications, and construction services, saw a deficit of 5.8 billion dinars in 2023, compared to 5.1 billion dinars in the previous year.

With regard to the secondary income account, the Central Bank noted a decline in the value of current transfers abroad to reach about 3.9 billion dinars (about 12.8 billion dollars) in 2023, down from 5.4 billion dinars in 2022. This decrease is due to a decrease in the secondary income account transfers. Working expatriates, which decreased to 3.8 billion dinars last year from 5.4 billion dollars in 2022.

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