The trade volume between Saudi Arabia and other Gulf Cooperation Council (GCC) countries grew by approximately 13 percent in Q4 compared to the same period the previous year. It reached SAR55.583 billion ($14.82 billion) in Q4 of 2023, a significant increase of SAR6.363 billion ($1.69 billion) from SAR49.219 billion (13.12 billion) in the corresponding period of 2022.
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According to a report from the General Authority for Statistics (GASTAT), the Kingdom’s trade balance with the GCC countries showed a surplus of approximately SAR13.035 billion, with total exports amounting to around SAR34.309 billion in Q4 2023. This represents approximately 11.5 percent of the Kingdom’s total exports to all countries, which amounted to about SAR297.902 billion. Total imports from the GCC countries amounted to about SAR21.274 billion, accounting for roughly 10.6 percent of the Kingdom’s overall imports from all countries, which totaled about SAR201.407 billion.
National non-oil exports, including re-exports, reached approximately SAR20.785 billion, marking a 42 percent annual growth and an increased value of SAR6.129 billion compared to SAR14.656 billion in Q4 2022.
Analyzing the Saudi non-oil trade data, which includes re-exports with the GCC countries, the UAE had the highest value at SAR13.990 billion, representing around 67.3 percent of Saudi Arabia’s total non-oil exports, including re-exports to the GCC countries.
Bahrain followed in second place with a value of SAR2.295 billion, accounting for 11.04 percent of the total.
Kuwait ranked third with a value of SAR1.819 billion, representing 8.8 percent of the total. Qatar stood in fourth place with a value of SAR1.447 billion, accounting for 7 percent of the total. Meanwhile, Oman secured fifth place with a value of SAR1.234 billion, representing 6 percent of the total.
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