Canada-GCC trade reaches $8.5 billion in 2023
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.
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