GCC secures 6th spot globally in goods trade volume

In 2023, the GCC countries contributed 3.4% to global trade in goods, totaling $1.5 trillion in value

The Foreign Trade Report of the Gulf Cooperation Council (GCC) Countries 2023, published by the GCC Statistical Centre (GCC-Stat), revealed that the GCC ranked sixth globally in the trade volume of goods index.

In 2023, the GCC accounted for 3.4% of total global trade in goods, amounting to $1.5 trillion, reflecting a 4.0% decline compared to the previous year.

The report also highlighted that the GCC ranked third worldwide in the merchandise trade balance index, recording a trade balance of $163.7 billion in 2023—a sharp 57.1% decline from $381.3 billion in 2022.

Additionally, the GCC secured the fifth position in total commodity exports, holding a 3.1% share of global exports valued at $823.1 billion, marking a 14.5% drop from 2022. Meanwhile, in total merchandise imports, the GCC ranked ninth globally, contributing 2.7% to the global import market with a value of $659.3 billion, representing a 13.4% increase compared to 2022.

Excluding intra-GCC trade, the total external trade in goods declined by 4.0% in 2023, reaching $1,482.4 billion. The value of commodity exports decreased from $962.6 billion in 2022 to $823.1 billion in 2023, a decline of $139.5 billion (14.5%). Conversely, commodity imports rose to $659.3 billion, up from $581.3 billion in 2022, reflecting a growth of $78 billion (13.4%).

The report further noted that oil exports fell by 20.5%, dropping to $525.5 billion in 2023 from $661.1 billion in 2022.

Key Trading Partners

According to GCC-Stat, China remained the GCC’s top trading partner in commodity trade volume, with trade valued at $297.9 billion in 2023. India followed in second place, with a trade volume of $150.4 billion, trailing China by $147.6 billion.

China also ranked first as the top importer of GCC commodities, accounting for 19.2% of total Gulf exports, valued at $158.3 billion in 2023—a 16.8% decline from $190.4 billion in 2022.

In terms of total merchandise imports, China maintained its leading position, supplying 21.2% of the GCC’s total imports in 2023, with a value of $139.6 billion, up 10.8% from $126.0 billion in 2022.