RIYADH: The volume of trade between the Gulf Cooperation Council (GCC) countries rose to SR431.25 billion ($115 billion) in 2015, compared to SR22.5 billion in 1984, according to a report by the GCC Secretariat General.
The establishment of the GCC Customs Union in 2003 contributed to the rapid growth of the inter-GCC trade, the report said.
In the last 10 years, the volume of the inter-GCC trade rose from SR56.25 billion ($15 billion) in 2002 to SR431.25 billion in 2015, or an increase of 657 percent, the report said.
From the early years of the inception of the GCC Customs Union, the member states have worked to remove trade barriers and exempt GCC-produced commodities from customs duties and, instead, treated these products as national commodities, the report said.
In 1983, the GCC countries established a free-trade zone, which was developed into a customs union by the beginning of 2003.
Since then, a series of laws and policies have been implemented to facilitate flow of commodities and services between the GCC member countries.
These laws and policies have encouraged national products and activated the role of the private sector in the development of the GCC exports, the report said.
Other steps have considerably contributed to promote inter-GCC trade, the report said.
In a related development, the volume of non-oil trade between Saudi Arabia and other GCC countries hit nearly SR63.5 billion in the first nine months of the current year, according to data released by the General Authority of Statistics.
This figure represented the overall non-oil commodities exported to or imported by the Kingdom from the GCC countries, with a balance of more than SR6 billion in favor of Saudi Arabia.
Saudi exports of non-oil commodities to the GCC countries stood at SR34.79 billion while its imports from the GCC countries reached SR28.69 billion, the data showed.
Saudi non-oil exports to the GCC countries, meanwhile, represented 28.2 percent of the Kingdom’s total non-oil exports to other world countries, which stood at SR123.53 billion. Likewise, Saudi non-oil imports from the GCC countries represented 7.5 percent of the Kingdom’s non-oil imports from other world countries, which stood at SR383.7 billion in the last nine months.
According to data, the Kingdom achieved a trade surplus with all GCC countries with the exception of the UAE with a deficit of SR1.66 billion.
Saudi Arabia’s trade balance registered the highest rate with Qatar at SR3.82 billion, followed by Kuwait at SR3.8 billion.
Saudi Arabia’s non-oil trade exchange with the UAE registered the highest among the GCC countries at SR37.56 billion with exports worth SR18.1 billion and imports worth SR19.76 billion, or a deficit of SR1.66 billion.
Saudi Arabia’s trade with the UAE represented nearly 60 percent of the Kingdom’s total trade with other GCC countries in the last nine months.
The volume of Saudi Arabia’s non-oil trade exchange with other GCC countries in the last nine months were as follows: Qatar SR5.7 billion (9 percent), Bahrain SR6.15billion (9.7 percent), Kuwait SR6.2 billion (9.8 percent), and Oman SR7.55 billion (11.9 percent), the report said.
The establishment of the GCC Customs Union in 2003 contributed to the rapid growth of the inter-GCC trade, the report said.
In the last 10 years, the volume of the inter-GCC trade rose from SR56.25 billion ($15 billion) in 2002 to SR431.25 billion in 2015, or an increase of 657 percent, the report said.
From the early years of the inception of the GCC Customs Union, the member states have worked to remove trade barriers and exempt GCC-produced commodities from customs duties and, instead, treated these products as national commodities, the report said.
In 1983, the GCC countries established a free-trade zone, which was developed into a customs union by the beginning of 2003.
Since then, a series of laws and policies have been implemented to facilitate flow of commodities and services between the GCC member countries.
These laws and policies have encouraged national products and activated the role of the private sector in the development of the GCC exports, the report said.
Other steps have considerably contributed to promote inter-GCC trade, the report said.
In a related development, the volume of non-oil trade between Saudi Arabia and other GCC countries hit nearly SR63.5 billion in the first nine months of the current year, according to data released by the General Authority of Statistics.
This figure represented the overall non-oil commodities exported to or imported by the Kingdom from the GCC countries, with a balance of more than SR6 billion in favor of Saudi Arabia.
Saudi exports of non-oil commodities to the GCC countries stood at SR34.79 billion while its imports from the GCC countries reached SR28.69 billion, the data showed.
Saudi non-oil exports to the GCC countries, meanwhile, represented 28.2 percent of the Kingdom’s total non-oil exports to other world countries, which stood at SR123.53 billion. Likewise, Saudi non-oil imports from the GCC countries represented 7.5 percent of the Kingdom’s non-oil imports from other world countries, which stood at SR383.7 billion in the last nine months.
According to data, the Kingdom achieved a trade surplus with all GCC countries with the exception of the UAE with a deficit of SR1.66 billion.
Saudi Arabia’s trade balance registered the highest rate with Qatar at SR3.82 billion, followed by Kuwait at SR3.8 billion.
Saudi Arabia’s non-oil trade exchange with the UAE registered the highest among the GCC countries at SR37.56 billion with exports worth SR18.1 billion and imports worth SR19.76 billion, or a deficit of SR1.66 billion.
Saudi Arabia’s trade with the UAE represented nearly 60 percent of the Kingdom’s total trade with other GCC countries in the last nine months.
The volume of Saudi Arabia’s non-oil trade exchange with other GCC countries in the last nine months were as follows: Qatar SR5.7 billion (9 percent), Bahrain SR6.15billion (9.7 percent), Kuwait SR6.2 billion (9.8 percent), and Oman SR7.55 billion (11.9 percent), the report said.
