According to a report published by the Gulf Cooperation Council Statistics Center (GCC-Stat) on the council’s foreign trade for 2023, the GCC ranks sixth globally in the goods trade volume index.
Publish dateMonday 27 January 2025 - 11:08
According to Amac News: Based on the GCC-Stat report, the Gulf Cooperation Council countries accounted for 3.4% of total global goods trade.
The region’s trade volume reached $1.5 trillion in 2023, a 4.0% decrease compared to 2022.
The council also ranked third globally in the goods trade balance index in 2023, with a value of $163.7 billion, compared to $381.3 billion in 2022, a 57.1% decrease.
In goods exports, the Gulf Cooperation Council ranks fifth globally, accounting for 3.1 percent of total global exports worth $0.8 trillion in 2023, a 14.5 percent decrease from 2022.
In contrast, the council ranks ninth in total goods imports, accounting for 2.7 percent of total global imports worth $0.7 trillion in 2023, a 13.4 percent increase from the previous year.
The report also stated that GCC goods trade (excluding domestic trade) decreased by 4.0 percent to $1,482.4 billion in 2023, down from $1,482.4 billion in 2022.
Goods exports decreased from $962.6 billion in 2022 to $823.1 billion in 2023, a decrease of $139.5 billion or 14.5%. However, goods imports increased to $659.3 billion in 2023, an increase of $78.0 billion or 13.4% from $581.3 billion in 2022.
GCC oil exports decreased to $525.5 billion in 2023, a decrease of 20.5% from $661.1 billion in 2022.
In terms of major trading partners, GCC-Stat explained that China topped the list of major trading partners in the goods trade volume index in 2023. The value of goods trade volume reached $297.9 billion, $147.6 billion more than its closest competitor, India, which ranked second with a value of $150.4 billion.
China is also the most important trading partner of the Gulf Cooperation Council countries. It topped the goods export index in 2023, accounting for 19.2 percent of the Gulf’s total goods exports to global markets, worth $158.3 billion, down 16.8 percent from $190.4 billion in 2022.
China also ranked first among the GCC countries’ major trading partners in the total goods import index in 2023, accounting for 21.2 percent of the council’s total goods imports, worth $139.6 billion, up 10.8 percent from $126.0 billion in 2022.
The region’s trade volume reached $1.5 trillion in 2023, a 4.0% decrease compared to 2022.
The council also ranked third globally in the goods trade balance index in 2023, with a value of $163.7 billion, compared to $381.3 billion in 2022, a 57.1% decrease.
In goods exports, the Gulf Cooperation Council ranks fifth globally, accounting for 3.1 percent of total global exports worth $0.8 trillion in 2023, a 14.5 percent decrease from 2022.
In contrast, the council ranks ninth in total goods imports, accounting for 2.7 percent of total global imports worth $0.7 trillion in 2023, a 13.4 percent increase from the previous year.
The report also stated that GCC goods trade (excluding domestic trade) decreased by 4.0 percent to $1,482.4 billion in 2023, down from $1,482.4 billion in 2022.
Goods exports decreased from $962.6 billion in 2022 to $823.1 billion in 2023, a decrease of $139.5 billion or 14.5%. However, goods imports increased to $659.3 billion in 2023, an increase of $78.0 billion or 13.4% from $581.3 billion in 2022.
GCC oil exports decreased to $525.5 billion in 2023, a decrease of 20.5% from $661.1 billion in 2022.
In terms of major trading partners, GCC-Stat explained that China topped the list of major trading partners in the goods trade volume index in 2023. The value of goods trade volume reached $297.9 billion, $147.6 billion more than its closest competitor, India, which ranked second with a value of $150.4 billion.
China is also the most important trading partner of the Gulf Cooperation Council countries. It topped the goods export index in 2023, accounting for 19.2 percent of the Gulf’s total goods exports to global markets, worth $158.3 billion, down 16.8 percent from $190.4 billion in 2022.
China also ranked first among the GCC countries’ major trading partners in the total goods import index in 2023, accounting for 21.2 percent of the council’s total goods imports, worth $139.6 billion, up 10.8 percent from $126.0 billion in 2022.
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Source : news agency wam
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