US-GCC trade reaches $93.6bln in 2023
MUSCAT: Trade between the countries of the Gulf Cooperation Council (GCC) and the United States of America amounted to $93.6 billion in 2023, according to recent data published by the GCC Statistical Center.
This figure represents a slight decrease of $1.16% ($1.1 billion), in comparison to 2022's total of $94.7 billion.
GCC exports to the US decreased by 19.8% ($8.9 billion) to $36.1 billion in 2023, versus $45.0 billion in the previous year. Petroleum and hydrocarbon products, totaling $16.2 billion in value, represented a 44.9% share. This was followed by miscellaneous items (26.6% of exports) valued at $9.6 billion.
Gold and precious stones represented 9.1% of total exports amounting to $3.3 billion, followed by aluminium and aluminium products which represented 8.6% of total exports valued at $3.1 billion.
On the other hand, imports from the US increased by 15.7% ($7.8 billion) in 2023 to $57.7 billion. Miscellaneous items worth $20.7 billion made up 36% of total imports, while machinery and mechanical appliances accounted for a 28% share worth $16.1 billion.
Vehicles and vehicle parts represented 17% of imports, valued at $9.8 billion, while aircraft, spacecraft, and parts accounted for a 7% share, valued at $4 billion. This was followed by electrical machinery and equipment (6.3%) valued at $3.6 billion, and instruments and precision goods (5.7%) valued at $3.3 billion.
The United States was ranked the GCC's 4th largest trading partner in 2023, while China was ranked first with trade total of $286.9 billion, followed by India at $154.7 billion. Japan came next with $76.7 billion.
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