$1.6 trillion…the Gulf Cooperation Council’s foreign trade reaches a historic level

The Statistical Center for The Cooperation Council for the Arab States of the Gulf The volume of foreign merchandise trade of the Gulf Cooperation Council countries (not including intra-trade) increased by 7.4% to reach about 1.6 trillion dollars in the year 2024, compared to 1.5 trillion dollars in the year 2023, thus recording the highest level in its history during the period 2017 – 2024.

Rise in exports on an annual basis

The data that the Center is preparing shows a clear Regularly – at the GCC level in cooperation with national statistical centers and agencies in member states – the total value of Commodity exports amounted to about 850 billion dollars in the year 2024, compared to about 821 billion dollars in the year 2023, an increase estimated at about 3.4%.

The center stated that this growth is due to an increase in non-oil exports by 22.5%, and an increase in re-exports by 1.4%, while oil and natural gas exports declined by 1.8% (not including trade

On the other hand, merchandise imports recorded a noticeable increase to reach approximately 740 billion US dollars in the year 2024, compared to approximately 659 billion US dollars in the previous year, a growth of 12.3%. As a result, the merchandise trade balance achieved a surplus estimated at approximately 110 billion US dollars in the year 2024, compared to a surplus of approximately 162 billion US dollars in the year 2023. Recording a decrease of 32.4% as a result of the increase in imports at a faster pace than the growth of exports.

Trade Partners

According to data for the year 2024, China, India and Japan topped the list of the main trading partners of the Gulf Cooperation Council countries, and they are the same three countries that maintained the same ranking in the previous year 2023, as they together accounted for about 36% of the total merchandise trade exchange of the GCC countries with the world, which confirms the pivotal position of the Asian continent in the structure of Global Gulf trade.

China came in first place with an exchange volume of about $299 billion (18.8%), followed by India with a difference estimated at about $141 billion, with an exchange volume with it of about $158 billion (9.9%), while Japan came in third place with about $114 billion (7.2%).

As for the United States of America, it came in fourth place with an exchange volume of about $89 billion. (5.6%), followed by South Korea with about $88 billion (5.5%), recording remarkable growth compared to the previous year.

It is noted that the first five countries (China, India, Japan, the United States, South Korea) together accounted for 47% of the total merchandise trade of the GCC countries in the year 2024 AD, which highlights the depth of the strategic trade ties between the GCC countries and these major Asian and American economies.

China The largest trading partner

The data shows that China maintained its position as the largest trading partner for GCC exports, with a value of about $137 billion (16.2%), followed by India with about $103 billion (12.1%), then Japan with $83 billion (9.8%), and South Korea with $74 billion (8.7%), while Iraq came in fifth place with about $36 billion (4.2%).

Therefore, the first five countries (China, India, Japan, South Korea, Iraq) will account for about 51% of the total GCC exports in 2024, with a total value estimated at about $433 billion, which confirms the importance of Asian markets as major destinations for exports Gulf.

The data shows that China continued to lead the list of trading partners in merchandise imports, as the value of imports from it amounted to about $161 billion (21.8%), followed by the United States of America with $57 billion (7.8%), then India with $55 billion (7.4%), Japan with $31 billion (4.2%), and Germany with $27 billion. (3.6%).

The first five countries (China, the United States, India, Japan, Germany) accounted for about 45% of the total imports of the Gulf Cooperation Council in the year 2024, with an estimated value of about $331 billion, which indicates the GCC countries’ dependence on their main partners in Asia, the United States, to meet their needs for industrial and technological goods, in exchange for its continued role as a major supplier of energy and raw materials to global markets.

The Gulf economy maintains Its global position

In light of these indicators, Asia is consolidating its position as a major hub for Gulf trade, both in terms of the flow of exports and the diversification of imports, which establishes the continuous shift towards strengthening economic partnerships between the GCC countries and the major Asian markets. Data for the year 2024 confirm that the Gulf Cooperation Council has maintained its position among the largest trading economies in the world, ranking fifth globally in terms of the volume of merchandise trade, with a share of 3.2% of total global trade, and a value of approximately 1.6 trillion US dollars, compared to approximately 1.5 trillion US dollars in the year 2023, recording a strong growth of 7.4%.

This distinguished performance highlights the rise of the Cooperation Council from It ranked sixth in the year 2023 AD and ranked fifth in the year 2024 AD, in confirmation of its growing position in the international trade system and the strengthening of its pivotal role in global supply and energy chains. The data showed that the Council maintained fifth place in the world in total merchandise exports, with a value of about 850 billion US dollars (equivalent to 3.5% of the global total), which strengthens its position as a major exporter in international merchandise trade.

Trade Surplus

On the other hand, the Council advanced to eighth place in the world in total merchandise imports after it had been ranked ninth during the previous year, as the value of imports rose to about 740 billion US dollars with a growth of 12.3%, which is the highest growth rate among the ten largest economies in the world. As for the surplus in the merchandise trade balance, it reached about 110 billion US dollars in the year 2024, which places the Gulf Cooperation Council in fifth place in the world despite its decline by 32.4% compared to the previous year as a result of a slight decline in exports compared to a faster growth in imports.

Despite this relative decline, the Gulf Cooperation Council still maintains its position among the five largest economies achieving a global trade surplus, which confirms its continuation as one of the most prominent actors in international merchandise trade.

/>This balanced performance – between the growth of trade exchange, the increase in exports, and the expansion of imports – reflects the strength of the Gulf economy and the diversity of its international trade partnerships, especially with the Asian, European and American markets, demonstrating its ability to maintain a sustainable pace of growth despite global geopolitical and economic challenges.

Foreign trade statistics for the Gulf Cooperation Council countries indicate that the volume of intra-regional merchandise trade (measured by total intra-regional merchandise exports) amounted to about 146 billion dollars per year. 2024 AD, recording a growth of 9.8% compared to about 133 billion dollars in the year 2023.

This growth is attributed to an increase in the value of intra-national non-oil merchandise exports by 3.7% to reach about 45 billion dollars in the year 2024 compared to 43 billion US dollars in the previous year, in addition to an increase in intra-national exports of oil and gas by 1.5% to reach 33 billion dollars compared to By 32.7 billion dollars in the year 2023 AD.

Re-exported goods witnessed a strong growth of 19.1%, rising from 57 billion dollars in the year 2023 to about 68 billion dollars in the year 2024 AD, which contributed mainly to enhancing the volume of intra-regional merchandise trade between the GCC countries.

The data shows the development of intra-regional merchandise trade during the period 2017 – In 2024, its size ranged between $78 billion in 2017 and peaked at $146 billion in 2024, which is the highest level ever recorded.

A sharp decline was noted in 2020 by 12.7% as a result of the effects of the Covid-19 pandemic, before it returned to its continuous upward path during the following years.

Intra-trade

And at the level The contribution of member states to the volume of intra-GCC merchandise trade for the year 2024 (measured by total intra-GCC merchandise exports), the United Arab Emirates came in first place with a contribution amounting to about $69.9 billion (47.9% of the total), compared to $66.5 billion in the year 2023, recording a growth of 5.1%.

It was ranked Saudi Arabiain second place with a value of $40.7 billion (27.9% of the total) compared to $34.7 billion in the previous year, achieving a growth of 17.2%. In third place, the State of Kuwait and the State of Qatar came with an equal contribution of $10.2 billion each (7.0% of the total for each country), compared to $6.2 billion for Kuwait and $7.4 billion for Qatar in the year. 2023, recording a strong growth of 64.5% for Kuwait and 37.8% for Qatar.

As for the Sultanate of Oman, it ranked fifth with a value of about $7.9 billion (5.4% of the total), compared to $8.3 billion in the year 2023, recording a slight decline of 4.2%, and the Kingdom of Bahrain came in sixth place with a value of 7.1 billion. Dollars (4.9% of the total), compared to $9.9 billion in the previous year, a decrease of 28.1%.

The data shows that the United Arab Emirates and the Kingdom of Saudi Arabia together accounted for about 75.8% of the total intra-GCC trade in the year 2024, which reflects a clear concentration in the intra-GCC trade activity in these two countries, which represent the main engine of the regional trade movement.

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