The volume of trade between Saudi Arabia and the other Gulf Cooperation Council (GCC) countries reached SAR55,58 billion in the last quarter of 2023, a 13% increase compared to the SAR49,22 reported over the same period a year earlier.
The data was released by the Kingdom’s General Authority for Statistics.
According to the report, Saudi Arabia’s trade balance with the GCC countries achieved a surplus of approximately SAR13,035 billion, with total exports amounting to approximately SAR34,309 billion in the fourth quarter of 2023.
This represents approximately 11.5% of the Kingdom’s exports to all countries, which amounted to about SAR297,902 billion.
Total imports amounted to about SAR21,274 billion, representing roughly 10.6% of the Kingdom’s overall imports to all countries, totalling about SAR201,407 billion.
National non-oil exports, including re-exports, amounted to approximately SAR20,785 billion, achieving an annual growth of 42% and an increased value of SAR6,129 billion compared to SAR14,656 billion in the fourth quarter of 2022.
The Saudi non-oil trade data, which includes re-exports with the GCC countries, shows that the UAE had the highest value of SAR13,990 billion, representing about 67.3% of Saudi Arabia’s total non-oil exports, including re-exports to the GCC countries.
Bahrain came in second place with a value of SAR2,295 billion, representing 11.04% of the total. Kuwait was third with a value of SAR1,819 billion, representing 8.8% of the total. Qatar came fourth with a value of SAR1,447 billion, representing 7% of the total, while Oman ranked fifth with a value of SAR1,234 billion, representing 6% of the total.
