GCC-UK trade slides 13.86% in 2023
In 2023, the total trade exchange between the two entities amounted to $31.7 billion, signaling a $5.1 billion decrease from the amount in 2022 valued at $36.8 billion.
Exports from the GCC to the UK experienced a sharp decline of 29% in 2023 in comparison to the previous year, totaling $15.6 billion in comparison to $21.9 billion.
Mineral fuels, oils and waxes made up 70.5% of exports with a value of $11 billion. This was followed by miscellaneous items, at 11.6% valued at $1.8 billion.
Machinery and mechanical appliances made up 6.4% of exports with a value of $1 billion, followed by precious stones and metals valued at $0.8 billion (5.1%).
Exports of aircraft and spacecraft and parts accounted for a 3.8% share collectively worth around $0.6 billion, while electrical machinery and equipment made up 2.6% of exports with a value of $0.4 billion.
On the other hand, imports from the United Kingdom to the GCC increased by 8.3%, reaching $16.1 billion in 2023, in comparison to $14.9 billion in 2022.
Miscellaneous items made up the majority of the imports with a value of $6.2 billion (38.5%). This was followed by machinery and mechanical appliances imports, valued at $4.0 billion representing 24.8% of total imports.
Vehicles and vehicle parts represented 19.3% of imports with a value of $3.1 billion, followed by electrical machinery and equipment which represented 6.8% of imports with a value of $1.1 billion.
Imports of precious stones and metals represented 5.6% of total imports, with a value of $0.9 billion, while aircraft, spacecraft and parts made up 5% of imports with a value of $0.8 billion.
The United Kingdom ranked 11th in 2023 among the GCC's trading partners, slipping two positions from 9th in 2022.
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