26-01-2025
GCC trade ranks sixth globally in goods volume
MUSCAT: The Gulf Cooperation Council (GCC) countries have ranked sixth globally in the volume of trade in goods, according to the 2023 Foreign Trade Report issued by the GCC Statistical Centre (GCC-Stat). The region accounted for 3.4% of the global trade in goods, with a total value of $1.5 trillion in 2023, marking a 4% decline compared to the previous year.
The report also highlighted the GCC's strong position in the global merchandise trade balance index, ranking third with a surplus of $163.7 billion. This, however, represents a significant drop of 57.1% from the $381.3 billion recorded in 2022.
In terms of commodity exports, the GCC ranked fifth worldwide, contributing 3.1% to global exports. The total value of exports reached $823.1 billion in 2023, down 14.5% from $962.6 billion in 2022. Conversely, the region's merchandise imports increased by 13.4%, totaling $659.3 billion, placing the GCC ninth globally in the merchandise imports index.
Oil exports, a cornerstone of GCC trade, saw a notable decrease of 20.5%, falling to $525.5 billion in 2023 from $661.1 billion in 2022.
China remained the GCC's top trading partner in 2023, with a total trade volume of $297.9 billion, far exceeding India's $150.4 billion. China accounted for 19.2% of the GCC's total exports, valued at $158.3 billion, a 16.8% decline from 2022. On the imports side, China supplied 21.2% of the GCC's total merchandise imports, valued at $139.6 billion, up 10.8% from the previous year.
The report further noted that the GCC's trade in goods (excluding intra-GCC trade) declined by 4% in 2023, reaching $1.48 trillion. While exports declined, imports grew, reflecting shifting trade dynamics within the region.
The GCC continues to demonstrate resilience and strategic importance in global trade, with its top rankings in key indices and robust trade relationships, particularly with China, underscoring its pivotal role in international markets.
