Two countries account for three-quarters of the Gulf’s foreign trade

The Statistical Center of the Cooperation Council for the Gulf Arab States has announced the most important statistical indicators relating to the foreign trade in goods of the countries of the Gulf Cooperation Council for the year 2020, based on the data that the Center regularly prepares to level of the GCC States in collaboration with national statistical centers and agencies of the Member States.

According to the latest data released by the Gulf Statistical Center, the movement of foreign trade in goods (excluding intra-GCC trade) for the year 2020 recorded a decrease in its total value, amounting to approximately $ 840.7 billion for the year 2020 compared to $ 1,071.0 billion in the year 2019 AD, with a rate of decrease reached 21.5%.

On the level The contribution of the Member States to the Council has been demonstrated by statistical data Nearly three-quarters of the volume of GCC countries’ foreign trade in goods is supplied by the United Arab Emirates and the Kingdom of Saudi Arabia.

GCC countries’ total merchandise exports amounted to $ 438.5 billion in the year 2020, down 28.4% from the year 2019. The value of re-exported merchandise was $ 79.6 billion dollars in the year 2020, a 24.5% decline over the year 2019, while total imports of goods decreased 12.4% over the year 2019, to reach $ 402.2 billion during the year 2020.

The Gulf Cooperation Council’s surplus in the trade balance of goods decreased by 76.2% to reach $ 36.4 billion in 2020, compared to $ 153.2 billion in 2019.
The composition of the most important exported and imported goods.

Oil and its products accounted for 70.3% of the export value of domestically sourced commodities, amounting to approximately $ 252.2 billion in the year 2020 AD, compared to $ 404.6 billion for the year 2019, with a decrease rate of 37.7% compared to the previous year, followed by gold and precious stones for 8.2%, plastic and its products for 6.3%, organic chemicals for 3.3%, aluminum and its products for 2.8%, fertilizers for 1.0%.

At the level of re-exports, machinery and electrical appliances made up 25.2% of the value of goods re-exported in the year 2020 AD, equal to about 20.0 billion dollars in the year 2020 AD, compared to 20.8 billion. of dollars for the year 2019 AD, a decline of 3.8%, followed by gold and precious stones of 17.7%, then machinery and mechanical equipment 13.7%, cars, vehicles and their parts 10.7% , oil and its products 5.0% and aircraft and parts thereof 3.4%.

Two countries account for three-quarters of the Gulf’s foreign trade
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Automated machinery and equipment accounted for 13.6% of the value of total material imports prime of the Gulf Cooperation Council in the year 2020, which is approximately $ 54.7 billion, a decline of 6.6% during the year 2020 AD compared to 2019, followed by machines and appliances for 13.3% , then gold and precious stones for 13.2%, motor vehicles and their parts for 9.1%, and pharmaceutical products for 3.2%.

At the level of trading partners for total exports of goods: China ranked first among the most important trading partners of the Gulf Cooperation Council in terms of total commodity exports, as it accounted for 19.0% of the Gulf Cooperation Council’s total commodity exports to world markets in 2020, where the value of total exports reached commodities prime to China was approximately $ 83.1 billion in 2020, compared to $ 106.3 billion in 2019, a decline of 21.8%. India is in second place with 12.2%, followed by South Korea with 8.0%, Japan with 6.4%, Singapore with 4.1% and the United States with 4. , 0%, as these countries constitute the largest importers of crude oil and natural gas from the GCC countries.

At the level of trading partners in the import of materials prime: China also ranked first among the Gulf Cooperation Council countries’ most important trading partners in total imports of goods for the year 2020, as it contributed 20.0% of the value of total imports of goods of GCC countries from global markets for the year 2020 and the value of imports from China is approximately $ 80.4 billion for the year 2020, compared to $ 83.7 billion in 2019, a decline of 3, 9%. The United States came in second with a rate of 10.0%, followed by India 6.9%, Japan 4.7%, Germany 4.7% and Italy 3.2%, of the total import value of GCC goods from global markets.

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