Canada-GCC trade reaches $8.5 billion in 2023
MUSCAT: Trade between the countries of the Gulf Cooperation Council (GCC) and Canada amounted to $8.5 billion in 2023, according to recent data published by the GCC Statistical Center.
This figure represents 14.1 per cent decline in trade in 2023 in comparison with 2022's total of $9.9 billion.
Most notably, GCC exports to Canada decreased by 32.2 per cent ($1.5 billion) to $3.2 billion in 2023, versus $4.7 billion in the previous year.
Minerals fuels, oils and waxes, totaling $2.1 billion in value, represented a 65.6 per cent share of exports. This was followed by miscellaneous items (12.5 per cent of exports) valued at $0.4 billion.
Iron and steel represented 9.4 per cent of total exports amounting to $0.3 billion, followed by precious stones and metals which represented 6.3 per cent of total exports valued at $0.2 billion.
Machinery and mechanical appliances and iron and/or steel products accounted for 3.1 per cent of exports with a value of $0.1 billion.
On the other hand, imports from Canada increased by 0.8 per cent ($0.1 billion) in 2023 to $5.3 billion. Miscellaneous items worth $2.0 billion made up 37.7 per cent of total imports, while 'commodities subject to special provisions' accounted for a 18.9 per cent share worth $1.0 billion.
Imports of precious stones and metals, machinery and mechanical appliances, vehicles and vehicle parts collectively accounted for a 13.2 per cent share of exports, valued at $0.7 billion. Edible vegetable oils accounted for a 3.8 per cent share of imports with a value $0.2 billion.
Despite the decline in the trade volume, Canada moves up a rank to become the 32nd trade partner of the GCC in 2023.
Earlier in January, Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed al Budaiwi, received the Canadian Minister of International Development at the General Secretariat's headquarters in Riyadh to discuss bilateral relations between the GCC and Canada, in addition to ways to enhance cooperation in various aspects.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
a day ago
- Observer
Hafeet Rail signs agreement to advance steel industry supply chain
ONA: Hafeet Rail, the developer of the cross-border railway project between the Sultanate of Oman and the United Arab Emirates, has signed a cooperation agreement with Itaminas Comércio de Minérios, one of Brazil's leading iron ore producers. This agreement marks a strategic step toward establishing an integrated and sustainable shipping system by leveraging Hafeet Rail's network to connect major ports and industrial zones. The initiative aims to enhance logistical efficiency and support the iron and steel industry in both countries. The collaboration will develop a reliable and efficient transport network utilizing Hafeet Rail's modern infrastructure and capitalize on the pivotal role of Sohar Port in importing and processing iron ore. Sohar Port, with its advanced facilities and expansion plans, is well-positioned to support this initiative. Its integration with the Hafeet Rail network further strengthens the logistics corridor. Construction of the Hafeet Rail project is progressing rapidly along the railway route between Oman and the UAE, with groundwork, leveling, and site preparation underway. Major bridge and tunnel construction has also commenced, paving the way for seamless connectivity between the two nations. This progress reflects strong coordination between relevant authorities and local governments, supporting the achievement of strategic objectives for this cross-border project. Itaminas, which currently produces 6.5 million tons of high-quality iron ore annually, has environmental permits allowing for expansion up to 15.5 million tons. The company plans to export a significant portion of its output to the Middle East via Brazil's Sudeste Port, reinforcing its presence in the regional iron and steel sector. Itaminas is also exploring the possibility of establishing parts of its value chain in GCC countries, taking advantage of the region's infrastructure, energy resources, and strategic location. This cooperation underscores the deepening integration between Oman and the UAE. It highlights the potential of the Hafeet Rail network to support future industrial projects by creating an integrated logistics corridor linking ports to industrial and commercial hubs. The initiative is poised to serve global and regional steel companies seeking efficient, sustainable, and scalable logistics solutions in the region.— ONA
Observer
2 days ago
- Observer
Canada-GCC trade reaches $8.5 billion in 2023
MUSCAT: Trade between the countries of the Gulf Cooperation Council (GCC) and Canada amounted to $8.5 billion in 2023, according to recent data published by the GCC Statistical Center. This figure represents 14.1 per cent decline in trade in 2023 in comparison with 2022's total of $9.9 billion. Most notably, GCC exports to Canada decreased by 32.2 per cent ($1.5 billion) to $3.2 billion in 2023, versus $4.7 billion in the previous year. Minerals fuels, oils and waxes, totaling $2.1 billion in value, represented a 65.6 per cent share of exports. This was followed by miscellaneous items (12.5 per cent of exports) valued at $0.4 billion. Iron and steel represented 9.4 per cent of total exports amounting to $0.3 billion, followed by precious stones and metals which represented 6.3 per cent of total exports valued at $0.2 billion. Machinery and mechanical appliances and iron and/or steel products accounted for 3.1 per cent of exports with a value of $0.1 billion. On the other hand, imports from Canada increased by 0.8 per cent ($0.1 billion) in 2023 to $5.3 billion. Miscellaneous items worth $2.0 billion made up 37.7 per cent of total imports, while 'commodities subject to special provisions' accounted for a 18.9 per cent share worth $1.0 billion. Imports of precious stones and metals, machinery and mechanical appliances, vehicles and vehicle parts collectively accounted for a 13.2 per cent share of exports, valued at $0.7 billion. Edible vegetable oils accounted for a 3.8 per cent share of imports with a value $0.2 billion. Despite the decline in the trade volume, Canada moves up a rank to become the 32nd trade partner of the GCC in 2023. Earlier in January, Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed al Budaiwi, received the Canadian Minister of International Development at the General Secretariat's headquarters in Riyadh to discuss bilateral relations between the GCC and Canada, in addition to ways to enhance cooperation in various aspects.
Muscat Daily
3 days ago
- Muscat Daily
China announces visa-free entry for Omanis
Beijing, China – China will trial a policy granting ordinary passport holders from Saudi Arabia, Oman, Kuwait and Bahrain visa-free entry into China up to 30 days from June 9, 2025, to June 8, 2026, Chinese foreign ministry spokesperson Mao Ning said on Wednesday. At a daily press briefing, Mao elaborated on China's recent announcement of a unilateral visa-free policy for the four Gulf countries on a trial basis. Nationals from these four countries traveling to China for business, sightseeing, visiting relatives or friends, exchanges or transit for up to 30 days will not be required to obtain a visa for entry, Mao said. 'With the United Arab Emirates and Qatar that have implemented reciprocal visa-free policies with China since 2018, China now grants visa-free treatment to all GCC (Gulf Cooperation Council) countries. We welcome more friends from the GCC countries to embark on an impromptu trip to China,' Mao said.
