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GCC-led trade ranks 6th globally, reveals report
The GCC's share of global goods trade stood at 3.4%, amounting to $1.5 trillion in 2023.
The GCC Foreign Trade Report for 2023, published by the GCC Statistical Centre (“GCC-Stat”), highlights the region’s strong standing in global trade, ranking sixth worldwide in total goods trade. The GCC accounted for 3.4% of global goods trade, valued at $1.5 trillion in 2023. However, this marked a 4% decline from the previous year’s total of $1.56 trillion.
The GCC ranked third globally in merchandise trade balance, recording $163.7 billion in 2023—a sharp decline of 57.1% from $381.3 billion in 2022. The region also secured fifth place worldwide in total commodity exports, accounting for 3.1% of global exports at $0.8 trillion, a 14.5% drop from $0.93 trillion in 2022.
On the import side, the GCC ranked ninth globally, representing 2.7% of the world’s merchandise imports, valued at $0.7 trillion in 2023. This marked a significant 13.4% increase from the $617.2 billion recorded in 2022.
The report highlighted a 4% decline in trade in goods (excluding intra-GCC trade) in 2023, amounting to $1.48 trillion, down from $1.54 trillion in 2022. Commodity exports experienced a significant drop, decreasing from $962.6 billion in 2022 to $823.1 billion in 2023—a decline of $139.5 billion, or 14.5%. Notably, oil exports, a major component of GCC trade, fell by 20.5%, reaching $525.5 billion in 2023 compared to $661.1 billion in the previous year.
Conversely, commodity imports into the GCC rose by 13.4%, increasing from $581.3 billion in 2022 to $659.3 billion in 2023. This $78 billion growth highlights the region’s stronger demand for foreign goods.
China maintained its position as the GCC’s leading trading partner in 2023, with trade totaling $297.9 billion, significantly ahead of India, which ranked second with $150.4 billion. This established a substantial margin of $147.6 billion in favor of China.
China also emerged as the GCC’s top export destination, accounting for 19.2% of the region’s total commodity exports, valued at $158.3 billion in 2023. However, this represented a 16.8% decline from $190.4 billion in 2022.
On the import side, China ranked first in the GCC’s merchandise imports, supplying 21.2% of the region’s goods. The value of imports from China rose by 10.8%, reaching $139.6 billion in 2023, compared to $126.0 billion in 2022, highlighting its growing influence in the GCC import market.
The GCC countries saw a notable rise in imports of electrical machinery and equipment, which accounted for 11.4% of total imports in 2023. Imports of mineral fuels, including oil, remained significant, representing approximately 16.7% of total imports, reflecting steady demand for non-oil goods in the region.
Asia continued to dominate the GCC’s trade landscape, accounting for 42.3% of the region’s total trade volume in 2023. European nations contributed 17.5%, while trade with the United States constituted 11.2%, showcasing the growing importance of the GCC’s economic ties with these regions.
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