• Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
Saudi Business News
Tuesday, May 13
14:32
42 °c
Riyadh
No Result
View All Result
Saudi Business News
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
No Result
View All Result
Saudi Business News
No Result
View All Result

HomeEconomySurge in Saudi-GCC Trade: Q4 Report Highlights

Surge in Saudi-GCC Trade: Q4 Report Highlights

Saudi Arabia Reports 13% Growth in GCC Trade

March 5, 2024
in Economy
Reading Time: 1 min read
152
SHARES
1.9k
VIEWS
Share on FacebookShare on XShare on LinkedInShare on Telegram

The latest data from the General Authority for Statistics indicates a significant upswing in commerce between Saudi Arabia and its Gulf Cooperation Council (GCC) counterparts. In the report covering the fourth quarter of 2023, there’s a notable 13% escalation in trade activity compared to the same timeframe the previous year. The trade figures soared by SAR6,363 billion, culminating in a hefty SAR55,583 billion in the last quarter of 2023, a substantial leap from SAR49,219 billion.

In terms of trade balance, the Kingdom realized a surplus of SAR13,035 billion with its GCC peers. Exports stood at approximately SAR34,309 billion in the fourth quarter, accounting for 11.5% of Saudi Arabia’s overall exports. These exports have reached a total of SAR297,902 billion to all countries. Imports from GCC nations were around SAR21,274 billion, making up about 10.6% of the Kingdom’s total imports of SAR201,407 billion.

RelatedPosts

Saudi Arabia’s Hydrogen Economy: Leading the Clean Energy Shift

Saudi Arabia’s Fiscal Stability Amid Low Oil Prices

Saudi Economic Growth Slows Amid Oil Price Drop

The report also shed light on the impressive performance of non-oil national exports, including re-exports, which saw a 42% year-on-year surge. These exports experienced a gain in value by SAR6,129 billion, ascending to roughly SAR20,785 billion, in stark contrast with SAR14,656 billion in the last quarter of 2022.

Diving into specifics, the non-oil trade between Saudi Arabia and GCC countries revealed the United Arab Emirates (UAE) as the top trading partner with a commanding value of SAR13,990 billion, composing 67.3% of Saudi’s non-oil exports to the region. Bahrain claimed the second spot with exports valued at SAR2,295 billion (11.04%), followed by Kuwait at SAR1,819 billion (8.8%). Qatar and Oman rounded out the list with trade values of SAR1,447 billion (7%) and SAR1,234 billion (6%) respectively.

Tags: economic growthGCC Tradenon-oil exportssaudi arabiaTrade Surplus
Share61Tweet38Share11Share

© 2025 Copyright, Saudi Business News

No Result
View All Result
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line

© 2025 Copyright, Saudi Business News

Go to mobile version