emirates7 - The Gulf Cooperation Council (GCC) Foreign Trade Report for 2023, published by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), underscored the region's pivotal role in global trade.
In 2023, the GCC ranked sixth globally in the trade volume of goods index, representing 3.4 percent of total global goods trade. The region's trade volume reached $1.5 trillion, reflecting a 4.0 percent decline compared to 2022.
The GCC also secured third place worldwide in the merchandise trade balance index, recording a balance of $163.7 billion in 2023. This marked a significant decrease of 57.1 percent from the $381.3 billion reported in 2022.
Regarding exports, the GCC ranked fifth globally, contributing 3.1 percent to total global commodity exports with a value of $0.8 trillion in 2023, a 14.5 percent decrease from the previous year. Meanwhile, the region ranked ninth in global merchandise imports, accounting for 2.7 percent of total imports with a value of $0.7 trillion, reflecting a 13.4 percent increase from 2022.
The report also detailed that the GCC's total goods trade (excluding intra-regional trade) dropped by 4.0 percent in 2023, amounting to $1,482.4 billion. Commodity exports declined from $962.6 billion in 2022 to $823.1 billion in 2023, representing a $139.5 billion decrease or 14.5 percent. Conversely, imports rose from $581.3 billion in 2022 to $659.3 billion in 2023, an increase of $78.0 billion or 13.4 percent.
Oil exports from GCC nations fell by 20.5 percent in 2023, totaling $525.5 billion compared to $661.1 billion in the previous year.
China emerged as the GCC's primary trading partner in 2023, leading the commodity trade volume index with a trade value of $297.9 billion, far surpassing India, which ranked second at $150.4 billion—a gap of $147.6 billion.
China also ranked first in the GCC's commodity exports index, importing 19.2 percent of the region's total exports to global markets in 2023. These exports were valued at $158.3 billion, down 16.8 percent from $190.4 billion in 2022.
Additionally, China topped the list of the GCC's main merchandise import partners in 2023, accounting for 21.2 percent of the region’s total imports. Chinese exports to the GCC were valued at $139.6 billion, an increase of 10.8 percent compared to $126.0 billion in 2022.
In 2023, the GCC ranked sixth globally in the trade volume of goods index, representing 3.4 percent of total global goods trade. The region's trade volume reached $1.5 trillion, reflecting a 4.0 percent decline compared to 2022.
The GCC also secured third place worldwide in the merchandise trade balance index, recording a balance of $163.7 billion in 2023. This marked a significant decrease of 57.1 percent from the $381.3 billion reported in 2022.
Regarding exports, the GCC ranked fifth globally, contributing 3.1 percent to total global commodity exports with a value of $0.8 trillion in 2023, a 14.5 percent decrease from the previous year. Meanwhile, the region ranked ninth in global merchandise imports, accounting for 2.7 percent of total imports with a value of $0.7 trillion, reflecting a 13.4 percent increase from 2022.
The report also detailed that the GCC's total goods trade (excluding intra-regional trade) dropped by 4.0 percent in 2023, amounting to $1,482.4 billion. Commodity exports declined from $962.6 billion in 2022 to $823.1 billion in 2023, representing a $139.5 billion decrease or 14.5 percent. Conversely, imports rose from $581.3 billion in 2022 to $659.3 billion in 2023, an increase of $78.0 billion or 13.4 percent.
Oil exports from GCC nations fell by 20.5 percent in 2023, totaling $525.5 billion compared to $661.1 billion in the previous year.
China emerged as the GCC's primary trading partner in 2023, leading the commodity trade volume index with a trade value of $297.9 billion, far surpassing India, which ranked second at $150.4 billion—a gap of $147.6 billion.
China also ranked first in the GCC's commodity exports index, importing 19.2 percent of the region's total exports to global markets in 2023. These exports were valued at $158.3 billion, down 16.8 percent from $190.4 billion in 2022.
Additionally, China topped the list of the GCC's main merchandise import partners in 2023, accounting for 21.2 percent of the region’s total imports. Chinese exports to the GCC were valued at $139.6 billion, an increase of 10.8 percent compared to $126.0 billion in 2022.