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Monday, Jan 27, 2025

GCC Achieves $1.5 Trillion in Trade Volume, Ranking Sixth Globally

GCC Achieves $1.5 Trillion in Trade Volume, Ranking Sixth Globally

The Gulf Cooperation Council records a decline in trade volume but maintains strong global trade position and trade surplus in 2023.
The Gulf Cooperation Council (GCC) has reached a trade volume of $1.5 trillion, securing its position as the sixth-largest global trader, according to the latest figures from the 2023 GCC Foreign Trade Report.

This trade volume represents 3.4 percent of global trade, although it reflects a 4 percent decline compared to 2022. Despite this drop, the region maintained a prominent role in global trade.

The GCC also ranked third globally in the merchandise trade balance, registering a surplus of $163.7 billion in 2023, although this was a sharp decline of 57.1 percent from the previous year’s surplus of $381.3 billion.

The drop in trade volume was partly due to a 14.5 percent decrease in commodity exports, which fell to $823.1 billion from $962.6 billion in 2022. Additionally, oil exports decreased by 20.5 percent to $525.5 billion, compared to $661.1 billion in 2022.

The region's non-oil sectors have continued to show growth, in line with the GCC’s ongoing efforts to diversify its economy.

The International Monetary Fund (IMF) highlighted that the GCC’s foreign reserves are now equivalent to approximately 10 months' worth of imports, solidifying the region's financial stability.

The GCC also maintained its position as the fifth-largest exporter of commodities, contributing 3.1 percent to global exports, valued at $0.8 trillion, although this marked a 14.5 percent drop from the previous year.

Merchandise imports into the GCC saw a 13.4 percent rise, reaching $0.7 trillion, representing 2.7 percent of global imports.

China remained the GCC’s largest trading partner, with total commodity trade valued at $297.9 billion in 2023. This was far ahead of India, which ranked second with $150.4 billion in trade.

China was also the top destination for the GCC’s commodity exports, receiving 19.2 percent of the total exports at $158.3 billion, despite a 16.8 percent decline compared to 2022. Meanwhile, China also supplied 21.2 percent of the region's merchandise imports, valued at $139.6 billion, marking a 10.8 percent increase from the previous year.
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