عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
TT
TT

Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.