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GCC Foreign Trade Tops $840 Bln

Gulf non-intra-regional foreign trade movement was affected by the pandemic in 2020. (Asharq Al-Awsat)
Gulf non-intra-regional foreign trade movement was affected by the pandemic in 2020. (Asharq Al-Awsat)
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GCC Foreign Trade Tops $840 Bln

Gulf non-intra-regional foreign trade movement was affected by the pandemic in 2020. (Asharq Al-Awsat)
Gulf non-intra-regional foreign trade movement was affected by the pandemic in 2020. (Asharq Al-Awsat)

The Gulf foreign trade dropped 21.5 percent in 2020 to reach $840.7 billion due to the repercussions of the coronavirus pandemic, compared to $1.07 trillion in 2019, according to the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCCStat).

GCCStat issued a report Friday showing that Saudi Arabia and the United Arab Emirates contributed to nearly three-quarters of the GCC foreign merchandise trade.

The Center monitors the most important statistical indicators related to international merchandise trade, which does not include intra-regional trade, for the Gulf Cooperation Council (GCC) countries, based on the data prepared regularly in cooperation with the national statistical centers and agencies in the member countries.

According to the report, the total merchandise exports amounted to $438.5 billion during 2020, a 28.4 percent drop compared to 2019, while the national exports of the GCC countries (including oil) amounted to $358.9 billion during 2020, dropping 29.1 percent compared to 2019.

Re-exported Gulf goods recorded $79.6 billion, down 24.5 percent, while total merchandise imports decreased by 12.4 percent compared to 2019 to reach $402.2 billion in 2020.

The Center indicated that the GCC merchandise trade surplus decreased by 76.2 percent to reach $36.4 billion in 2020 compared to $153.2 billion in 2019.

China ranked first among essential GCC trade partners in terms of total merchandise exports, with 19 percent of the total merchandise exports, while the total merchandise exports to China dropped 21.8 percent to about $83.1 billion, compared to $106.3 billion.

India ranked second with 12.2 percent, followed by South Korea 8 percent, Japan 6.4 percent, Singapore 4.1 percent, and the United States 4 percent. They also constitute the largest importers of crude oil and natural gas from the GCC countries.

Oil and its byproducts accounted for 70.3 percent of merchandise exports of national origin, amounting to about $252.2 billion in 2020, compared to $404.6 billion in 2019.

Gold and precious stones dropped 8.2 percent, plastic and its byproducts 6.3 percent, followed by organic chemical products with 3.3 percent, aluminum and its byproducts declined 2.8 percent and fertilizers with 1 percent.

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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia is intensifying its efforts to secure access to essential materials, promote local manufacturing, enhance sustainability, and strengthen its participation in global supply chains. This follows Minister of Investment Khalid Al-Falih’s announcement of nine new agreements, alongside 25 additional deals under review, under the Global Supply Chain Resilience Initiative (Jusoor).
Speaking during the 28th Annual World Investment Conference in Riyadh, Al-Falih described these agreements as a major step toward building more resilient and efficient supply chains in the Kingdom.
He noted that the program, which reflects the vision of Crown Prince Mohammed bin Salman, forms part of the National Investment Strategy and is supported by government programs such as the National Industrial Development and Logistics Program (NIDLP).
Al-Falih highlighted Saudi Arabia’s plans to facilitate access to critical minerals, promote local manufacturing, and expand its footprint in global green energy markets. He emphasized that “green supply” is a fundamental pillar of the initiative, supported by investments in renewable energy.
The Kingdom aims to develop 100 new investment opportunities across 25 value chains, including projects in green energy and artificial intelligence (AI), he underlined.
The government is also offering incentives for companies to invest in special economic zones and aims to attract investments in emerging sectors such as semiconductors and digital manufacturing. Al-Falih stressed the importance of collaboration between public and private sectors in advancing Saudi Arabia’s Vision 2030 goals.
He reiterated the government’s full commitment to realizing this vision, with ministries continuing to support this strategic initiative focused on sustainable development and the localization of advanced industries.
Minister of Industry and Mineral Resources Bandar Al-Khorayef announced that Saudi Arabia has attracted over $160 billion in investments to its market—nearly triple previous figures. Capital in the mining sector has grown to $1 billion, while investments in mineral wealth have exceeded $260 million.
Al-Khorayef underlined the Kingdom’s commitment to building strong, reliable partnerships through strategies that prioritize supply chain development and sustainability. He identified the Jusoor initiative as a key mechanism for linking Saudi Arabia to global supply chains, tackling challenges such as energy transitions and the growing demand for critical minerals.
For his part, Minister of State and Cabinet Member Dr. Hamad Al-Sheikh, who also serves as Secretary-General of the Localization and Balance of Payments Committee, highlighted Saudi Arabia’s strategic investments in infrastructure, saying that these efforts aim to position the Kingdom as a leading global logistics hub.