India's trade with Kuwait has surged remarkably, with Indian exports to the Gulf nation reaching an impressive USDS 2.10 billion in the fiscal year 2023-24, as per the official data by Ministry of Commerce and Industry.

The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the USD 1.56 billion reported in the previous fiscal year.

This surge in exports also highlighted the robust trade relationship between the two countries, reflecting a substantial year-on-year growth.

As per the data the key sectors driving this export growth include aircraft and spacecraft parts, cereals, and a diverse range of precious and semi-precious stones. Additionally, the export of imitation jewelry, coins, vehicles (excluding railway or tramway rolling stock), and pharmaceutical products have contributed to this impressive performance.

Kuwait's economy, predominantly driven by its vast petroleum resources, has maintained its position as a significant trading partner for India. The country boasts estimated crude oil reserves of 101.5 billion barrels, accounting for approximately 6 per cent of the world's total reserves, and proven natural gas reserves of 1,784 billion cubic meters, or about 63 trillion cubic feet, according to the latest OPEC data.