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Trade Arabia
30-01-2025
- Business
- Trade Arabia
GCC non-hydrocarbon trade set for 3.5pc growth, says report
Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West, according to a report by Boston Consulting Group (BCG). The GCC's strategic location and expanding infrastructure position the region to capture value from these evolving trade dynamics, stated the report. As per the new research from BCG, world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing a vital role in this. As global trade patterns shift, the GCC strengthens its position as a critical connector between East and West. This is evidenced by the broader transformation in global trade flows, where China's trade with the Global South is set to increase by $1.25T and trade between developing nations is projected to grow by $673 billion through 2033. These insights are among the key findings of BCG's latest report, "Great Powers, Geopolitics, and the Future of Trade," which analyzes trade and economic data from more than 150 countries. The report comprehensively analyzes how shifting global trade dynamics will impact regional and international commerce through 2033. The report also reveals a robust outlook for GCC trade, with total trade volume set to reach $2.3 trillion by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at $88 billion (5.7% CAGR), followed by Japan at $46 billion (9.4% CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5% annually, highlighting the region's successful economic diversification efforts. Rami Rafih, Managing Director and Partner at BCG, said: "The reconfiguration of global trade flows presents a pivotal moment for the GCC. As trade routes transform, the region isn't just a geographic intermediary but a central orchestrator of new patterns."
Biz Bahrain
30-01-2025
- Business
- Biz Bahrain
GCC trade set to grow 5.5% annually through 2033, with total trade volume reaching $2.3trln, BCG report finds
Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West. These insights are among the key findings of BCG's latest report, 'Great Powers, Geopolitics, and the Future of Trade,' which analyzes trade and economic data from more than 150 countries. The report comprehensively analyzes how shifting global trade dynamics will impact regional and international commerce through 2033. Strong Trade Growth Across Key GCC Corridors The BCG report reveals a robust outlook for GCC trade, with total trade volume set to reach 2.3T USD by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at 88B USD (5.7% CAGR), followed by Japan at 46B USD (9.4% CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5% annually, highlighting the region's successful economic diversification efforts. As global trade patterns shift, the GCC strengthens its position as a critical connector between East and West. This is evidenced by the broader transformation in global trade flows, where China's trade with the Global South is set to increase by $1.25T and trade between developing nations is projected to grow by $673B through 2033. The GCC's strategic location and expanding infrastructure position the region to capture value from these evolving trade dynamics. Rami Rafih, Managing Director and Partner at BCG, said: 'The reconfiguration of global trade flows presents a pivotal moment for the GCC. As trade routes transform, the region isn't just a geographic intermediary but a central orchestrator of new patterns. The GCC's deliberate investment in capabilities positions it to achieve greater success through developing proactive and risk-based options rather than defaulting to reactionary responses. The key is leveraging this foundation to shape emerging trade corridors, particularly as Global South commerce evolves.' Global Trade Shifts Create New Opportunities The report identifies major transformations across key trading regions that will reshape global commerce. While North America solidifies as a resilient trade bloc with US-Mexico trade increasing by $315B by 2033, ASEAN emerges as a significant beneficiary of global shifts with 3.7% annual trade growth. India's trajectory is particularly notable, with total trade expected to reach $1.8T annually by 2033, driven by its increasing role as a global manufacturing hub. The growing power of the Global South represents one of the most significant developments in global trade. Representing 18% of global GDP and 62% of the world's population, these 133 developing nations are set to expand their trade significantly. Annual trade among Global South nations will grow by $673B over the next decade, while trade between the Global South and developed economies is projected to reach $1.67T annually by 2033. To navigate these shifting trade dynamics and capitalize on emerging opportunities, BCG's report outlines several key imperatives for business leaders in the region: Key Recommendations for Business Leaders Develop resilient and transparent supply chains by diversifying sourcing strategies and deepening relationships with key suppliers across emerging trade corridors Build geopolitical capabilities to better anticipate and respond to changing trade dynamics, particularly in rapidly evolving markets across Asia and Africa Expand presence in growth markets, focusing on opportunities in India, China, and other emerging economies where GCC trade is projected to grow significantly Embrace smart nearshoring strategies that leverage the GCC's strategic position between East and West trade routes Invest in regional differentiation as global trade fragments, adapting operations and technology to serve diverse market requirements Cristian Rodriguez-Chiffelle, Partner and Director, Trade, Investment & Geopolitics at BCG, said: 'For business leaders, navigating today's complex trade landscape requires more than agile supply chains – it demands an insights-driven approach to geopolitical shifts. Success will come to those who cultivate deep market intelligence, develop robust scenario planning, and build a portfolio of strategic options, thus building a 'geopolitical muscle.' While diversification improves resilience, the real opportunity lies in shaping new trading partnerships that bridge geopolitical divides, and extracts not only challenges but also opportunities arising from geopolitical events.'
Khaleej Times
29-01-2025
- Business
- Khaleej Times
GCC trade set to grow 5.5% annually through 2033
Trade in the GCC countries likely to at a compound annual growth rate (CAGR) of 5.5 per cent to reach $2.3 trillion by 2033, research showed on Wednesday. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9 per cent annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West. BCG's latest report, 'Great Powers, Geopolitics, and the Future of Trade', analyses trade and economic data from more than 150 countries. The report reveals how shifting global trade dynamics will impact regional and international commerce through 2033. GCC trade growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at $88 billion (5.7 per cent CAGR), followed by Japan at $46 billion (9.4 per cent CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5 per cent annually, highlighting the region's successful economic diversification efforts. As global trade patterns shift, the GCC is strengthening its position as a critical connector between East and West. This is evidenced by the broader transformation in global trade flows, where China's trade with the Global South is set to increase by $1.25 trillion and trade between developing nations is projected to grow by $673 billion through 2033. The GCC's strategic location and expanding infrastructure position the region to capture value from these evolving trade dynamics, BCG noted. Rami Rafih, managing director and partner at BCG, said: 'The reconfiguration of global trade flows presents a pivotal moment for the GCC. As trade routes transform, the GCC's deliberate investment in capabilities positions it to achieve greater success through developing proactive and risk-based options rather than defaulting to reactionary responses. The key is leveraging this foundation to shape emerging trade corridors, particularly as Global South commerce evolves.' The report identifies major transformations across key trading regions that will reshape global commerce. While North America solidifies as a resilient trade bloc with US-Mexico trade increasing by $315B by 2033, ASEAN emerges as a significant beneficiary of global shifts with 3.7 per cent annual trade growth. India's trajectory is particularly notable, with total trade expected to reach $1.8T annually by 2033, driven by its increasing role as a global manufacturing hub. The growing power of the Global South represents one of the most significant developments in global trade. Representing 18 per cent of global GDP and 62 per cent of the world's population, these 133 developing nations are set to expand their trade significantly. Annual trade among Global South nations will grow by $673 billion over the next decade, while trade between the Global South and developed economies is projected to reach $1.67 trillion annually by 2033. Cristian Rodriguez-Chiffelle, Partner and Director, Trade, Investment & Geopolitics at BCG, said: 'For business leaders, navigating today's complex trade landscape requires more than agile supply chains — it demands an insights-driven approach to geopolitical shifts. Success will come to those who cultivate deep market intelligence, develop robust scenario planning, and build a portfolio of strategic options, thus building a 'geopolitical muscle.' While diversification improves resilience, the real opportunity lies in shaping new trading partnerships that bridge geopolitical divides, and extracts not only challenges but also opportunities arising from geopolitical events.'
Arab News
29-01-2025
- Business
- Arab News
GCC trade set to grow 5.5% annually, reaching $2.3 trillion by 2033: BCG report
RIYADH: The Gulf Cooperation Council's trade sector is set to grow at an annual rate of 5.5 percent, reaching $2.3 trillion by 2033, according to a new report by Boston Consulting Group. The BCG analysis highlights a robust outlook for GCC trade, driven by significant expansion across multiple corridors. The region's non-hydrocarbon trade is also set to expand by 3.5 percent annually, reinforcing the success of economic diversification efforts. Global trade is expected to grow at an average rate of 2.9 percent annually through 2033, according to the report. The expansion is driven by evolving partnerships and advancements in supply chain technology. As economies adapt to post-COVID-19 disruptions and regulatory changes, new trade corridors are emerging, particularly between the Global South and established markets. The shift creates significant opportunities for regions like the GCC to enhance their roles in global commerce. Commenting on the developments, Rami Rafih, managing director and partner at BCG, said the reconfiguration of global trade flows presents a transformative opportunity for the GCC. 'As trade routes evolve, the region is not merely a geographic intermediary but a central orchestrator of emerging trade patterns,' he said, adding: 'The GCC's proactive investment in trade capabilities positions it to shape the future of global commerce.' China is set to emerge as the largest growth market for GCC trade, with exchange volumes increasing by $88 billion at a compound annual growth rate of 5.7 percent. Japan follows closely, with an expected increase of $46 billion, reflecting a 9.4 percent annual growth rate. The report, titled 'Great Powers, Geopolitics, and the Future of Trade,' underscores the GCC's strategic positioning as a vital link between East and West, benefiting from shifting global patterns. With China's trade with the Global South projected to increase by $1.25 trillion and transactions between developing nations expected to rise by $673 billion by 2033, the GCC is set to capture a substantial share of this evolving landscape. Beyond its traditional reliance on hydrocarbon exports, the GCC's non-oil trade is gaining momentum, fueled by regulatory enhancements, expanding infrastructure, and strategic agreements. The shift aligns with the region's broader economic diversification efforts under national transformation plans. The report also highlights major global trade realignments that could benefit the GCC. North America is solidifying its resilience, with US-Mexico business forecast to grow by $315 billion by 2033, while the Association of Southeast Asian Nations is set to achieve a 3.7 percent annual growth rate. India is emerging as a critical player, with total trade expected to reach $1.8 trillion annually by 2033. As the Global South gains economic influence, representing 18 percent of the international gross domestic product and 62 percent of the world's population, trade among developing nations is expected to expand significantly. Annual exchange within these regions is set to rise by $673 billion over the next decade, while trade between the Global South and developed economies is projected to hit $1.67 trillion annually by 2033. To capitalize on these shifting dynamics, the report outlines key strategies for business leaders in the GCC, emphasizing supply chain resilience and expansion into high-growth markets like India and China. It also encourages investment in nearshoring strategies to leverage the region's strategic position. 'Success will depend on cultivating deep market intelligence, robust scenario planning, and strategic partnerships,' Cristian Rodriguez-Chiffelle, partner and director for trade and investment at BCG, said. With global trade undergoing rapid transformation, the GCC's ability to position itself as a key player in emerging trade corridors will determine its long-term economic resilience and influence in the global marketplace.
Zawya
29-01-2025
- Business
- Zawya
GCC trade set to grow 5.5% annually through 2033, with total trade volume reaching $2.3trln, BCG report finds
GCC set to strengthen its position as a global trade hub, with significant growth across key trading corridors Global South gains momentum with China increasing trade by $1.25T and trade between developing nations growing by $673B, as GCC positions itself as a critical connector between East and West trading corridors Riyadh: Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West. These insights are among the key findings of BCG's latest report, "Great Powers, Geopolitics, and the Future of Trade," which analyzes trade and economic data from more than 150 countries. The report comprehensively analyzes how shifting global trade dynamics will impact regional and international commerce through 2033. Strong Trade Growth Across Key GCC Corridors The BCG report reveals a robust outlook for GCC trade, with total trade volume set to reach 2.3T USD by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at 88B USD (5.7% CAGR), followed by Japan at 46B USD (9.4% CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5% annually, highlighting the region's successful economic diversification efforts. As global trade patterns shift, the GCC strengthens its position as a critical connector between East and West. This is evidenced by the broader transformation in global trade flows, where China's trade with the Global South is set to increase by $1.25T and trade between developing nations is projected to grow by $673B through 2033. The GCC's strategic location and expanding infrastructure position the region to capture value from these evolving trade dynamics. Rami Rafih, Managing Director and Partner at BCG, said: "The reconfiguration of global trade flows presents a pivotal moment for the GCC. As trade routes transform, the region isn't just a geographic intermediary but a central orchestrator of new patterns. The GCC's deliberate investment in capabilities positions it to achieve greater success through developing proactive and risk-based options rather than defaulting to reactionary responses. The key is leveraging this foundation to shape emerging trade corridors, particularly as Global South commerce evolves." Global Trade Shifts Create New Opportunities The report identifies major transformations across key trading regions that will reshape global commerce. While North America solidifies as a resilient trade bloc with US-Mexico trade increasing by $315B by 2033, ASEAN emerges as a significant beneficiary of global shifts with 3.7% annual trade growth. India's trajectory is particularly notable, with total trade expected to reach $1.8T annually by 2033, driven by its increasing role as a global manufacturing hub. The growing power of the Global South represents one of the most significant developments in global trade. Representing 18% of global GDP and 62% of the world's population, these 133 developing nations are set to expand their trade significantly. Annual trade among Global South nations will grow by $673B over the next decade, while trade between the Global South and developed economies is projected to reach $1.67T annually by 2033. To navigate these shifting trade dynamics and capitalize on emerging opportunities, BCG's report outlines several key imperatives for business leaders in the region: Key Recommendations for Business Leaders Develop resilient and transparent supply chains by diversifying sourcing strategies and deepening relationships with key suppliers across emerging trade corridors Build geopolitical capabilities to better anticipate and respond to changing trade dynamics, particularly in rapidly evolving markets across Asia and Africa Expand presence in growth markets, focusing on opportunities in India, China, and other emerging economies where GCC trade is projected to grow significantly Embrace smart nearshoring strategies that leverage the GCC's strategic position between East and West trade routes Invest in regional differentiation as global trade fragments, adapting operations and technology to serve diverse market requirements Cristian Rodriguez-Chiffelle, Partner and Director, Trade, Investment & Geopolitics at BCG, said: "For business leaders, navigating today's complex trade landscape requires more than agile supply chains - it demands an insights-driven approach to geopolitical shifts. Success will come to those who cultivate deep market intelligence, develop robust scenario planning, and build a portfolio of strategic options, thus building a 'geopolitical muscle.' While diversification improves resilience, the real opportunity lies in shaping new trading partnerships that bridge geopolitical divides, and extracts not only challenges but also opportunities arising from geopolitical events." The full report "Great Powers, Geopolitics, and the Future of Trade" is available at About Boston Consulting Group Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.
