MUSCAT: The volume of trade exchange between countries of the Gulf Cooperation Council and Japan amounted to $140 billion in 2022, according to a recent report issued by the Council.
According to the report, the total value of goods exported to Japan amounted to $116.3 billion, representing a 51.7 per cent jump from the previous year’s total of $76.7 billion.
Mineral fuels and crude oil worth $112.4 billion accounted for 96.6 per cent total exports into Japan, followed by aluminium and aluminium products (1.4 per cent ) valued at $1.6 billion, and other goods worth $1.1 billion representing 1.0 per cent of the total.
Other exports from the GCC included vehicles and parts worth around $5 million, organic chemicals ($4 million) and machinery and mechanical appliances ($3 million).
Meanwhile, the volume of imports from Japan into the countries of the GCC amounted to $23.7 billion, representing a 7.5 per cent increase from the previous year’s total of $22 billion.
The majority (60.8 per cent ) comprise vehicles and vehicle parts valued at $14.4 billion, followed by machinery and mechanical appliances valued at $3.5 billion representing 14.8 per cent, and other miscellaneous goods worth $3.2 billion representing 13.4 percent of total imports.
Other imports included $ 1.1 billion worth of electrical machinery and equipment, $8 million worth of rubbers and rubber products, and $7 million worth of steel and iron items.
Japan ranks third in terms of trade exchange with the GCC, following India and China.
Last September, Omani Minister of Foreign Affairs Sayyid Badr bin Hamad al Busaidi, revealed that the GCC has resumed free trade deal negotiations with Japan.
Oman Observer is now on the WhatsApp channel. Click here
