Key Market Indicators
Kuwait's nickel export market is projected to decline, with figures expected to fall to approximately $343,000 by 2028 from $364,000 in 2023, representing a 1% annual decrease. This marks a shift from the nation's historical trend since 2005, where the supply had increased by an average of 23.2% each year. In 2023, Kuwait was ranked 59th globally in nickel exports, with Jordan slightly ahead at $364,000. Leading the global rankings were Canada, Russia, and Malaysia in second, third, and fourth places, respectively. Conversely, Kuwait's nickel import market is on the rise. Imports are forecasted to grow to about $15.7 million by 2028, up from $13.6 million in 2023, reflecting an annual growth rate of 2.3%. Since 2005, Kuwaiti demand for nickel has risen steadily, with an average annual increase of 11.2%.
