According to the statistical figures, During the Fourth Quarter Saudi trade with the GCC region almost hit $14.8bn during the previous year. Meanwhile, the data showed, the magnitude of trade among the Kingdom of Saudi Arabia and other Gulf Cooperation Council (GCC) regions rose 13% a year before.
The trade scale grew to SR6.363bn ($1.7bn), which reached almost SR55.583bn ($14.8bn) in the previous year 2023 during the fourth quarter. Comparative statistics showed SR49.219bn ($13.1bn) at the same pace during the year.
Trading Magnitude of Kingdom of Saudi Arabia (More about Statistics)
Let’s delve into the figures; the Kingdom’s trading scale with the GCC countries hit approximately SR13.035bn ($3.5bn), and the total exports were almost SR34.3bn ($9.1bn) through the previous year during the fourth quarter.
These figures indicate that 11.5% of the Kingdom’s exports are from all the other countries. In numeric this is almost SR297.9bn ($79.4bn). The total import indicates about SAR21.274bn ($5.7bn), which is almost 10.6% of the overall imports of the kingdom. It amounted to SR201.4bn ($53.8bn).
Furthermore, the exports of the non-oil sector, including the re-exports totaled SR20.785bn ($5.5bn). Almost hit the annual growth percentage of about 42% which is a large amount for about SR6.129bn ($1.6bn) in comparison to the Q4 of 2022 which is almost SR14.656bn ($3.9bn).
Numeric’s of Non-Oil Trading Re-exports with GCC Regions
The data is highlighted the non-oil trading sector, which consists of data on, re-exports with the Gulf Cooperation Council (GCC) regions:
United Arab Emirates (UAE) hit the highest value of SR13.99bn ($3.7bn), which is almost 67.3% of KSA’s total non-oil exports, and also re-exports.
Bahrain ranked 2nd with the trading of SR2.29bn ($612m), which is 11.04% of the total exports.
Kuwait holds the 3rd place with a total of SR1.819bn ($485m) of the trade, which indicates 8.8% of the total trade.
Qatar ranked 4th with a value of SR1.447bn ($386m), which indicated 7% of the total trade.
Oman placed 5th with SR1.234bn ($329m), this represents 6% of the total trade.
The ranking among the regions is of non-oil trade between all the other countries from GCC regions. In conclusion, UAE conquer the field by ranking at the first place among GCC regions.