GCC-Mexico trade exchange surges by 25%

MUSCAT, JULY 17

Trade exchange between countries of the Gulf Cooperation Council (GCC) and Mexico surged 25 per cent from $3.3 billion in 2021 to reach $4.4 billion in 2022.

According to data published by the Council, trade was weighted in Mexico’s favour, with $3.4 billion worth of goods imported from that country. Key imports included vehicles and vehicle parts valued at $0.9 billion, representing 26.5 per cent of imports, followed by miscellaneous items valued at $0.8 billion (23.6 per cent).

Electrical machinery and equipment, along with machinery and mechanical appliances accounted for 17.6 per cent of total imports and worth $0.6 billion.

Medical, optical, and photographic apparatus represented 11.8 per cent of imports, valued at $0.4 billion, while iron and steel articles represented 2.9 percent valued at $0.1 billion.

Exports from the GCC to Mexico amounted to around $1 billion in 2022, representing a two-fold surge from 2021's figure of $0.5 billion.

In 2022, aluminium and aluminium articles made up around 60 per cent of exports with a value of $0.64 billion. This was followed by plastics valued at $0.09 billion, fertilisers valued at $0.08 billion, and machinery and mechanical appliances valued at $0.06 billion.

Miscellaneous items represented 7 per cent of total imports valued at $0.07 billion, while iron and steel represented 3 per cent valued at $0.03 billion.

In 2019, trade between Oman and Mexico amounted to $44 million, according to data from the Mexican Government. Main imports from Mexico to Oman included transport vehicles, while main exports to Mexico consisted of minerals and chemicals.