Latest news with #GCCForeignTradeReport
Hi Dubai
27-01-2025
- Business
- Hi Dubai
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
Arab News
26-01-2025
- Business
- Arab News
GCC records $1.5tn in trade volume, ranking sixth globally
JEDDAH: The Gulf Cooperation Council achieved a trade volume of $1.5 trillion in 2023, securing its position as the sixth-largest global trader, according to the latest data. This figure represents 3.4 percent of global trade, highlighting the region's growing economic importance. However, the GCC saw a 4 percent decline in trade volume compared to 2022, as reported in the 2023 GCC Foreign Trade Report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf. The report also revealed that the GCC ranked third globally in the merchandise trade balance, with a surplus of $163.7 billion in 2023. This marks a sharp drop of 57.1 percent from the previous year's surplus of $381.3 billion. Despite these challenges, the region's non-oil sectors have continued to grow, reflecting the GCC's commitment to economic diversification. Additionally, the International Monetary Fund highlighted that foreign reserves held by GCC central banks are equivalent to approximately 10 months of the region's import needs. The IMF further noted that the GCC has established itself as a crucial hub for regional economic growth, aided by its open trade policies, liberal capital flows, and a welcoming approach to foreign labor. The GCC's position in global trade was also reinforced by its ranking as the fifth-largest exporter of commodities, contributing 3.1 percent of the world's total. In 2023, the region's commodity exports were valued at $0.8 trillion, though this marked a 14.5 percent decline compared to 2022. On the flip side, merchandise imports into the GCC increased by 13.4 percent to reach $0.7 trillion, accounting for 2.7 percent of global imports. When excluding intra-GCC trade, total goods trade fell by 4 percent, reaching $1.48 trillion in 2023. The decline was primarily driven by a 14.5 percent drop in commodity exports, which decreased from $962.6 billion in 2022 to $823.1 billion in 2023. Conversely, commodity imports rose by $78 billion, reaching $659.3 billion in 2023. A significant decline in oil exports was also recorded. The GCC saw a 20.5 percent drop in oil exports, which totaled $525.5 billion in 2023, compared to $661.1 billion the previous year. China was the GCC's largest trading partner in 2023, with total commodity trade valued at $297.9 billion, far outpacing India, which ranked second at $150.4 billion. The Asian country also remained the GCC's top destination for commodity exports, accounting for 19.2 percent of the total at $158.3 billion, although this represented a 16.8 percent drop from 2022. Moreover, China topped the list of countries supplying merchandise imports to the GCC, contributing 21.2 percent of the total imports, valued at $139.6 billion, up 10.8 percent from $126.0 billion in 2022.
