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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 Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
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Saudi Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)

Saudi Arabia’s Geological Survey Authority plays a vital role in uncovering the earth’s reserves of metals such as gold, zinc, and copper. According to Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, this role is set to expand significantly in the next 25 years as the Authority becomes central to advancing the mining sector.

Alkhorayef emphasized the commitment to continuing geological survey and exploration projects, providing critical data to investors. He highlighted initiatives launched by the Authority to transform the mining sector into the third pillar of the national economy.

The minister was speaking during a ceremony celebrating the 25th anniversary of the Saudi Geological Survey Authority. The event, held under the patronage of Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of the Makkah Province, was inaugurated by Prince Saud bin Mishaal bin Abdulaziz, Deputy Governor of the region, in the presence of senior officials and distinguished guests.

In an interview with Asharq Al-Awsat, Alkhorayef noted the significant influx of investment in Saudi Arabia’s mining sector.

“There is now a large number of investment applications in the mining sector. We are collaborating with other government entities to ensure site allocations for investors,” he said.

He added that new agreements are being signed daily, both for expansions by existing investors and for new entrants to the sector.

The data obtained from geological surveys and the Authority’s digital platform has positioned Saudi Arabia as a prime destination for mining investments,’ he stressed.

“The results we achieve through geological surveys and accurate data collection make Saudi Arabia a key focus for companies seeking to expand in the mining sector to secure future resource supplies,” added Alkhorayef.

He also underscored efforts to verify data through additional sampling and by concentrating on areas with the richest deposits, which enhances the credibility of Saudi mining data globally.

Saudi Arabia has implemented extensive geological survey projects, covering over 85% of the country’s territory through advanced geophysical and geochemical techniques.

Alkhorayef highlighted the General Geological Survey Program and the initiative to build a National Geological Data Repository. These efforts have increased the estimated value of the Kingdom’s untapped mineral resources from SAR 4.9 trillion in 2016 to SAR 9.4 trillion at the beginning of 2024.

At the ceremony, the Deputy Governor of Makkah Province unveiled the Saudi Geological Survey Authority’s new logo, reflecting its geological identity and ongoing efforts to map the Kingdom’s resources while promoting cultural and environmental awareness. The event also included recognition for the Authority’s founding committee members and ceremony sponsors.

Alkhorayef noted that the Authority has completed more than 500 specialized projects across various earth science fields. These include geological mapping at various scales, mineral exploration, geophysical, geochemical, and marine surveys, geological hazard monitoring and mitigation, and mining research and studies.

He pointed to the Authority’s emphasis on developing its human resources, recognizing that their dedication and expertise have been pivotal to its success and to earning widespread acclaim for its accomplishments.

In his remarks marking the Authority’s 25th anniversary, Alkhorayef acknowledged the significant national efforts in exploring mineral wealth over the past quarter-century.

These efforts have led to major discoveries that have positively impacted multiple sectors, he said, adding that discoveries of key minerals like phosphate, potassium, gold, and silver, as well as strategic mineral reserves, have bolstered investments and spurred the growth of the mining sector.