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UAE dominated intra-GCC trade in 2023: UAE’s share of intra-GCC trade increased 7.8% y-o-y to USD 66.5 bn in 2023, representing over half of the total value at USD 131.6 bn, according to a report by the GCC Statistical Center (GCC-Stat).
The details: National-origin exports from the UAE to GCC countries also increased 7.6% y-o-y to USD 26.5 bn, accounting for a 35.5% share. Meanwhile, re-exports saw an 8% increase to USD 40.1 bn, representing 70.2%.
Top exports: Oil exports came at USD 31.7 bn, representing 24.1% of total intra-GCC trade in 2023, followed by gold and precious metals (10.4%), machinery and electronics (10.1%), and ships (4.5%). Oil exports also dominated national-origin exports at USD 31.2 bn (41.9%), while machinery and electronics topped re-exports at USD 11.9 bn (20.8%).
GLOBALLY- China maintained its position as the GCC’s top trading partner, with bilateral trade reaching USD 297.9 bn in 2023, followed by India (USD 150.4 bn), Japan (USD 119.2 bn), and the US (USD 93.6 bn).
