GCC-New Zealand trade volumes reach $3.3 billion
Published: 02:10 PM,Oct 08,2024 | EDITED : 06:10 PM,Oct 08,2024
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MUSCAT, OCT 8
The volume of trade between member states of the Gulf Cooperation Council (GCC) and New Zealand amounted to $3.3 billion in 2021, according to data from the GCC Secretariat.
Exports from the GCC made up over 60 per cent of this figure, amounting to $2.1 billion, which represents a 70-per cent jump in exports of $1.3 billion during the previous year.
Minerals, fuels, oils and waxes made up 81.9 per cent (corresponding to $1.72 billion in value) of exports, followed by fertilisers worth $180 million (8.6 per cent), miscellaneous goods valued at $90 million (4.2 per cent), plastics and plastic articles worth $60 million (2.9 per cent), glass and glassware worth $30 million (1.4 per cent), and aluminium products valued of $20 million (1 per cent of total exports).
Meanwhile, the value of imports from New Zealand into the GCC amounted to $1.2 billion in 2021, representing a 3.7-per cent decrease from the previous year’s total of $1.3 billion.
Dairy products and honey worth $860 million accounted for over 70 per cent of imports, followed by meats worth $130 million (10.8 per cent share), miscellaneous items valued at $110 million (9.1 per cent), fruits and nuts worth $50 million (4.2 per cent), medical and optical equipment worth $30 million (2.5 per cent), and wood and charcoal products valued at $20 million (1.7 per cent).
New Zealand currently ranks as the GCC’s 42nd largest trading partner as of 2021, while the block is New Zealand’s eighth-largest trading partner and the country’s seventh-largest export destination, according to the New Zealand Ministry of Foreign Affairs and Trade.
Both parties have been renegotiating a Free Trade Agreement (FTA) since 2022, following the suspension of previous negotiations in 2009.
According to the Secretary-General of the GCC, Jasem Mohamed al Budaiwi, the agreement will strengthen economic relations between the two parties and broaden investment opportunities.
The volume of trade between member states of the Gulf Cooperation Council (GCC) and New Zealand amounted to $3.3 billion in 2021, according to data from the GCC Secretariat.
Exports from the GCC made up over 60 per cent of this figure, amounting to $2.1 billion, which represents a 70-per cent jump in exports of $1.3 billion during the previous year.
Minerals, fuels, oils and waxes made up 81.9 per cent (corresponding to $1.72 billion in value) of exports, followed by fertilisers worth $180 million (8.6 per cent), miscellaneous goods valued at $90 million (4.2 per cent), plastics and plastic articles worth $60 million (2.9 per cent), glass and glassware worth $30 million (1.4 per cent), and aluminium products valued of $20 million (1 per cent of total exports).
Meanwhile, the value of imports from New Zealand into the GCC amounted to $1.2 billion in 2021, representing a 3.7-per cent decrease from the previous year’s total of $1.3 billion.
Dairy products and honey worth $860 million accounted for over 70 per cent of imports, followed by meats worth $130 million (10.8 per cent share), miscellaneous items valued at $110 million (9.1 per cent), fruits and nuts worth $50 million (4.2 per cent), medical and optical equipment worth $30 million (2.5 per cent), and wood and charcoal products valued at $20 million (1.7 per cent).
New Zealand currently ranks as the GCC’s 42nd largest trading partner as of 2021, while the block is New Zealand’s eighth-largest trading partner and the country’s seventh-largest export destination, according to the New Zealand Ministry of Foreign Affairs and Trade.
Both parties have been renegotiating a Free Trade Agreement (FTA) since 2022, following the suspension of previous negotiations in 2009.
According to the Secretary-General of the GCC, Jasem Mohamed al Budaiwi, the agreement will strengthen economic relations between the two parties and broaden investment opportunities.