Nonoil exports to GCC down 45%

Updated 16 December 2012

Nonoil exports to GCC down 45%

The value of Saudi nonoil exports to the Gulf Cooperation Council (GCC) countries dropped 45.27 percent to reach SR 1.34 billion in October 2012 compared to the same period last year, according to a report by the Central Department of Statistics and Information (CDSI).
According to the CDSI report, Saudi imports from the GCC states dropped by 6.94 percent to reach SR 2.95 billion during the period in question.
The United Arab Emirates topped the list of the GCC countries that mostly received Saudi nonoil exports by 63.48 percent of total exports at the value of SR 613 million, followed by Qatar (SR 228 million), Kuwait (SR 202 million), Bahrain (SR 169 million) and Oman (SR 124 million), the report said.
Last week, a CDSI report said the value of Saudi nonoil exports to global markets dropped 22.97 percent to reach SR 13.16 billion in October of the current year compared to the same period last year.
According to the CDSI report, Saudi imports also dropped 20.95 percent and reached SR 38.91 billion in the comparative periods.

Saudi Arabia, Russia and China give EU trade reforms thumbs down at WTO

Updated 31 min 36 sec ago

Saudi Arabia, Russia and China give EU trade reforms thumbs down at WTO

  • China is suing US and EU at WTO
  • Kingdom warns new rules are concerning

The EU’s new rules against countries dumping cheap goods on its market got a rough ride at a World Trade Organization meeting, where China, Russia and Saudi Arabia led a chorus of disapproval, a trade official said on Thursday.

The EU, which is in a major dispute with China about the fairness of Chinese pricing, introduced rules last December that allow it to take into account “significant distortions” in prices caused by government intervention.

A Chinese trade official told the WTO’s anti-dumping committee that Beijing had deep concerns about the new methodology, saying it would damage the WTO’s anti-dumping system and increase uncertainty for exporters, an official who attended the meeting said.

China argued that the concept of “significant distortion” did not exist under WTO rules, and the EU should base its dumping investigations on domestic prices in countries of origin, such as China.

The EU reformed its rules in the hope they would allow it to keep shielding its markets from cheap Chinese imports while fending off a Chinese legal challenge at the WTO.
China said that when it joined the WTO in 2001, the other member countries agreed that after 15 years they would treat it as a market economy, taking its prices at face value.

But the US and the EU have refused, saying China still subsidises some industries, such as steel and aluminum, which have massive overcapacity and spew vast supplies onto the world market, making it impossible for others to compete.

China is suing both the US and the EU at the WTO to try to force them to change their rules.

Legal experts say the dispute is one of the most important in the 23-year history of the WTO, because it pits the major trading blocs against each other with fundamentally opposing views of how the global trade rules should work.

In the WTO committee meeting, Saudi Arabia said the new rules were very concerning, and it challenged the EU to explain how EU authorities could ensure a fair and objective assessment of “significant distortion.”

Russia said the EU rules violated the WTO rulebook and certain aspects were unclear and created great uncertainty for exporters. Bahrain, Argentina, Kazakhstan and Oman also expressed concerns.

But a US trade official said the discussion showed that appropriate tools were available within the WTO to address distortions affecting international trade.