GCC ranks 6th globally in goods trade volume, says report
The GCC ranked sixth globally in the volume of trade in goods index, accounting for 3.4% of the total global trade in goods. The region's trade volume reached $1.5 trillion in 2023, reflecting a 4% decrease compared to 2022, according to a report by Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
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 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, down 57.1%, stated GCC-Stat in its Gulf Cooperation Council (GCC) Foreign Trade Report for 2023.
In commodity exports, the GCC ranked fifth worldwide, contributing 3.1% of the global total with exports valued at $0.8 trillion in 2023, down 14.5% from 2022.
Conversely, the region ranked ninth in total merchandise imports, accounting for 2.7% of global imports at a value of $0.7 trillion in 2023, reflecting a 13.4% increase from the previous year.
The report further detailed that GCC trade in goods (excluding intra-trade) decreased by 4.0%, 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%. 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%.
Oil exports of the GCC countries decreased by 20.5% 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% 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%, stated the report.
China also ranked first among the GCC countries' main trading partners in the 2023 Total Merchandise Imports Index. It exported 21.2% 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% over the previous year, it added.
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