GCC merchandise exports drop by 14.5% in 2023

MUSCAT: Merchandise exports from the Gulf Cooperation Council (GCC) declined 14.5 per cent in value to $823.1 billion in 2023, down from $962.6 billion a year earlier, according to a recent report published by the GCC Statistical Centre.

Oil and other hydrocarbon products, which amounted to 64.7 per cent of exports in 2023, declined 20.5 per cent to $525.5 billion in 2023, compared to $661.1 billion in 2022.

Furthermore, the value of non-oil national-origin exports declined by 6.1 per cent, to reach $158.8 billion in 2023 compared to $169.2 billion in 2022.

Ammunition and related parts represented the highest decline, dropping by a sharp 51.9 per cent to $92.8 million in 2023 versus $192.9 million in 2022. This was followed by chemical exports, which decreased 24.4 per cent to $34.9 billion in 2023, down from $46.3 billion in 2022.

Plastics and rubber products slumped by 22.9 per cent from $37.7 billion in 2022 to $29.1 billion in 2023. Exports of metal products experienced a decline of 20.5 per cent to $536.5 billion compared to $674.8 billion in 2022.

However, several export items experienced significant growth. The export of artistic and collectible Items grew 110.4 per cent to $1.7 billion in 2023, versus $0.8 billion in 2022. Footwear, feathers, artificial flowers, and ‘products made from human hair increased by 38.4 per cent, from $0.5 billion in 2022 to $0.7 billion in 2023.

Similarly, pearls, precious stone and precious metals exports increased by 29.3 per cent, from $62.1 billion in 2022 to $80.2 billion in 2023. Exports of optical and medical instruments, and watches dipped 9.8 per cent, from $3.5 billion in 2022 to $3.8 billion in 2023. Transport equipment exports grew 9.7 per cent, from $19.4 billion in 2022 to $21.3 billion in 2023.

Moreover, the value of re-exported goods increased by 4.9 per cent in 2023, amounting to approximately $138.8 billion compared to $132.3 billion in 2022.

In 2023, China ranked as the leading importer of GCC goods accounting for 19.2 per cent of total exports, with a value of $158.3 billion in 2023. India was in second place with a 12.2 per cent share, followed by Japan with 11 per cent, South Korea with 5.6 per cent, and the United States with a 4.4 per cent share of total exports.