Trade between Saudi Arabia and GCC countries experiences a 13% growth in Q4

The General Authority for Statistics released a first report on trade for Q4 2023. It shows a 13% rise in trade between Saudi Arabia and Gulf Cooperation Council (GCC) countries compared to the same time last year. Trade increased from about SR49.22 trillion in Q4 2022 to SR55.58 trillion in Q4 2023, marking a significant growth.

Saudi Arabia's trade balance with the GCC nations showed a surplus of around SR13.03 trillion in Q4 2023. The Kingdom's exports to the GCC countries totaled about SR34.31 trillion, making up roughly 11.5% of its total exports worldwide, which amounted to about SR297.90 trillion. On the other hand, imports from the GCC reached about SR21.27 trillion, constituting approximately 10.6% of Saudi Arabia’s total imports from all countries, totaling about SR201.41 trillion.

Non-oil exports, including re-exports, from Saudi Arabia reached about SR20.79 trillion, marking a significant annual growth of 42% compared to SR14.66 trillion in Q4 2022.

Breaking down Saudi Arabia's non-oil trade with the GCC, the UAE emerged as the top trading partner with a value of about SR13.99 trillion, accounting for roughly 67.3% of the Kingdom's total non-oil exports and re-exports to the GCC. Bahrain followed with SR2.30 trillion (11.04%), Kuwait with SR1.82 trillion (8.8%), Qatar with SR1.45 trillion (7%), and Oman with SR1.23 trillion (6%).

News Source: Saudi Gazette