In a significant economic development, the trade volume between the Kingdom of Saudi Arabia and Gulf Cooperation Council (GCC) countries exceeded 55 billion Saudi Riyals (SAR) in the fourth quarter of 2023.
This marks a 13% annual growth, with the trade volume reaching approximately SAR 55.583 billion in Q4 2023, up from SAR 49.219 billion in the corresponding period of 2022, according to preliminary data from the General Authority for Statistics’ International Trade Report for Q4.
This increase has resulted in a trade surplus for the Kingdom with GCC states valued at around SAR 13.035 billion. Total exports amounted to about SAR 34.309 billion in Q4 2023, representing roughly 11.5% of the Kingdom’s total exports to the world, which amounted to SAR 297.902 billion.
Furthermore, total imports stood at about SAR 21.274 billion, accounting for approximately 10.6% of the Kingdom’s total imports from around the globe, which reached SAR 201.407 billion.
The non-oil national goods exports (including re-exports) recorded approximately SAR 20.785 billion, witnessing a remarkable 42% yearly growth, with an increase valued at SAR 6.129 billion compared to SAR 14.656 billion in Q4 2022.
This robust growth in trade between Saudi Arabia and GCC countries highlights the strengthening economic ties and increased cooperation within the region, showcasing a promising outlook for the Gulf’s economic landscape.
