Iraq Border Closure Weighs on Kuwait Commercial Activity, PMI Survey Shows

KUWAIT CITY, Kuwait — KUWAIT CITY — The closure of the Iraq border contributed to a decline in new foreign business in Kuwait, according to a Purchasing Managers' Index survey released Friday. S&P Global data showed new export orders continued to fall in May. Companies attributed the decline to the effects of regional conflict and the closure of the Iraq border, which they said had negatively impacted commercial activity and external orders. Despite ongoing contractions in production and new orders, Kuwait's PMI rose to 47.2 points in May, the highest level in three months. The reading indicated the pace of contraction had slowed compared with previous months. Kuwaiti companies expressed stronger optimism about future activity, citing support from promotional campaigns and advertising efforts. Challenges related to regional trade and export movement persist, according to the survey.