Saudi trade with fellow GCC countries climbed to $14.8bn in Q4 last year, according to official data.
The General Authority for Statistics released a preliminary report on international trade for the fourth quarter (Q4), which shows that the volume of trade between the Kingdom and the other Gulf Cooperation Council (GCC) countries grew by an estimated 13 per cent from the same period a year earlier.
Trade value increased about SR6.363bn ($1.7bn), reaching SR55.583bn ($14.8bn) in the fourth quarter of 2023, compared to SR49.219bn ($13.1bn) in the same period of the previous year.
Saudi Arabia trade
The Kingdom’s trade balance with the GCC countries achieved a surplus of approximately SR13.035bn ($3.5bn), with total exports amounting to approximately SR34.3bn ($9.1bn) in the fourth quarter of 2023.
This represents approximately 11.5 per cent of the Kingdom’s exports to all countries, which amounted to about SR297.9bn ($79.4bn).
Total imports amounted to about SAR21.274bn ($5.7bn), representing roughly 10.6 per cent of the Kingdom’s overall imports to all countries, which totalled about SR201.4bn ($53.8bn).
National non-oil exports, including re-exports, amounted to approximately SR20.785bn ($5.5bn), achieving an annual growth of 42 per cent and an increased value of SR6.129bn ($1.6bn) compared to SR14.656bn ($3.9bn) in the fourth quarter of 2022.
The Saudi non-oil trade data, which includes re-exports with the GCC countries, shows that:
- UAE had the highest value of SR13.99bn ($3.7bn), representing about 67.3 per cent of Saudi Arabia’s total non-oil exports, including re-exports
- Bahrain came in second place with a value of SR2.295bn ($612m), representing 11.04 per cent of the total
- Kuwait was third with a value of SR1.819bn ($485m), representing 8.8 per cent of the total
- Qatar came fourth with a value of SR1.447bn ($386m), representing 7 per cent of the total
- Oman ranked fifth with a value of SR1.234bn ($329m), representing 6 per cent of the total
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