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Zawya
27-01-2025
- Business
- Zawya
GCC ranks 6th globally in goods trade volume
Muscat: The Foreign Trade Report of the Gulf Cooperation Council (GCC) countries 2023 issued by the GCC Statistical Centre 'GCC-Stat' indicated that the GCC came sixth on the list of top countries worldwide in the volume of trade in goods index. The GCC countries accounted for 3.4% of the total volume of global trade in goods, with a value amounting to 1.5 trillion US dollars in 2023, logging a decrease of 4.0% compared to the figures recorded in the previous year. The GCC countries came third globally on the list of top countries worldwide in the merchandise trade balance index in 2023, with a value of 163.7 billion US dollars, compared to 381.3 billion US dollars recorded in 2022, which marked a decrease of 57.1%. The report revealed that the GCC countries ranked fifth among the top countries worldwide in the index of total commodity exports in 2023, with a share of 3.1% of the total volume of global commodity exports, which amounted to 0.8 trillion US dollars in 2023, with a decrease of 14.5% compared to the figures recorded in the previous year. The GCC countries also ranked ninth globally in the total merchandise imports index in 2023, with a share of 2.7% of the total volume of global merchandise imports, at a value of 0.7 trillion US dollars in 2023, with an increase of 13.4% compared to the figures logged in the previous year. The report indicated that the GCC countries' trade in goods (excluding intra-trade) decreased by 4.0% in 2023, reaching about 1,482.4 billion US dollars in 2023, compared to 1,482.4 billion US dollars in 2023. The value of commodity exports of the GCC Countries decreased from $962.6 billion in 2022 to $823.1 billion in 2023, with a decrease of about $139.5 billion and a rate of 14.5%. The report added that the index of commodity imports of the GCC countries rose to about 659.3 billion US dollars in 2023, compared to 581.3 billion US dollars in 2022, with an increase of 78.0 billion US dollars compared to the figures recorded in the previous year and a growth rate of 13.4%. It also explained that the value of 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 US dollars, surpassing its closest competitor, India, which ranked second with a value of 150.4 billion US dollars, with a difference of 147.6 billion US dollars. 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%. 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 USD 139.6 billion compared to USD 126.0 billion in 2022, recording an increase of 10.8% over the previous year. © Muscat Media Group Provided by SyndiGate Media Inc. (
Zawya
27-01-2025
- Business
- Zawya
GCC ranks 6th globally in goods trade volume: GCC-Stat
MUSCAT: 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 ranked sixth globally in the volume of trade in goods index, accounting for 3.4 percent of the total global trade in goods. The region's trade volume reached $1.5 trillion in 2023, reflecting a 4.0 percent decrease compared to 2022. 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, which marked a decrease of 57.1 percent. In commodity exports, the GCC ranked fifth worldwide, contributing 3.1 percent of the global total with exports valued at $0.8 trillion in 2023, down 14.5 percent from 2022. Conversely, the region ranked ninth in total merchandise imports, accounting for 2.7 percent of global imports at a value of $0.7 trillion in 2023, reflecting a 13.4 percent increase from the previous year. The report further detailed that GCC trade in goods (excluding intra-trade) decreased by 4.0 percent, 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 percent. 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 percent. Oil exports of the GCC countries decreased by 20.5 percent 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 percent 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 percent. China also ranked first among the GCC countries' main trading partners in the 2023 Total Merchandise Imports Index. It exported 21.2 percent 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 percent over the previous year.
Trade Arabia
26-01-2025
- Business
- Trade Arabia
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.
