GCC Region Ranks 6th Globally in Trade Volume for 2023
The Gulf Cooperation Council (GCC) maintained a significant position in global trade, according to the GCC Foreign Trade Report for 2023, released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The region ranked sixth globally in the volume of trade in goods, contributing 3.4% to the total global trade, with a trade volume of $1.5 trillion. However, this marked a 4.0% decrease compared to 2022.
In terms of merchandise trade balance, the GCC ranked third globally, with a value of $163.7 billion, reflecting a sharp decline of 57.1% from $381.3 billion in 2022.
The region's commodity exports also saw a decrease, dropping by 14.5% to $823.1 billion in 2023, down from $962.6 billion in 2022. Despite this, the GCC's merchandise imports rose by 13.4%, reaching $659.3 billion.
A major contributor to this decline in exports was oil, with GCC countries seeing a 20.5% decrease in oil exports, which fell to $525.5 billion in 2023, compared to $661.1 billion the previous year.
China continued to be the GCC's largest trading partner in 2023, accounting for $297.9 billion in commodity trade, ahead of India with $150.4 billion. The GCC's exports to China also dropped by 16.8%, totaling $158.3 billion, while imports from China grew by 10.8%, reaching $139.6 billion.
Overall, the report underscores both the challenges and enduring importance of the GCC's role in global trade, particularly in commodities and merchandise.
News Source: Emirates News Agency
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