GCC ranks 6th globally in goods trade volume: GCC-Stat
MUSCAT: The Gulf Cooperation Council (GCC) Foreign Trade Report for 2023, issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), highlighted the region's significant position in global trade.
The GCC ranked sixth globally in the volume of trade in goods index, accounting for 3.4 percent of the total global trade in goods. The region's trade volume reached $1.5 trillion in 2023, reflecting a 4.0 percent decrease compared to 2022.
The GCC also ranked third globally in the merchandise trade balance index in 2023, with a value of $163.7 billion, compared to $381.3 billion recorded in 2022, which marked a decrease of 57.1 percent.
In commodity exports, the GCC ranked fifth worldwide, contributing 3.1 percent of the global total with exports valued at $0.8 trillion in 2023, down 14.5 percent from 2022. Conversely, the region ranked ninth in total merchandise imports, accounting for 2.7 percent of global imports at a value of $0.7 trillion in 2023, reflecting a 13.4 percent increase from the previous year.
The report further detailed that GCC trade in goods (excluding intra-trade) decreased by 4.0 percent, amounting to $1,482.4 billion in 2023, compared to $1,482.4 billion in 2023.
Commodity exports fell from $962.6 billion in 2022 to $823.1 billion in 2023—a decline of $139.5 billion or 14.5 percent. However, commodity imports rose to $659.3 billion in 2023, up from $581.3 billion in 2022, an increase of $78.0 billion or 13.4 percent.
Oil exports of the GCC countries decreased by 20.5 percent in 2023 to reach $525.5 billion, compared to $661.1 billion in 2022.
As for the main trading partners, the GCC-Stat explained that China ranked first on the list of main trading partners in the commodity trade volume index in 2023. The value of the commodity trade volume amounted to $297.9 billion, surpassing its closest competitor, India, which ranked second with a value of $150.4 billion, with a difference of $147.6 billion.
China is also the GCC Countries' most important trading partner. It ranked first in terms of the commodity exports index by importing 19.2 percent of the total Gulf commodity exports to global markets in 2023, at a value of $158.3 billion compared to $190.4 billion in 2022, with a decrease of 16.8 percent.
China also ranked first among the GCC countries' main trading partners in the 2023 Total Merchandise Imports Index. It exported 21.2 percent of the GCC's total merchandise imports in 2023, with a value of $139.6 billion compared to $126.0 billion in 2022, recording an increase of 10.8 percent over the previous year.
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