US-GCC trade reaches $93.6bln in 2023
This figure represents a slight decrease of $1.16% ($1.1 billion), in comparison to 2022's total of $94.7 billion.
GCC exports to the US decreased by 19.8% ($8.9 billion) to $36.1 billion in 2023, versus $45.0 billion in the previous year. Petroleum and hydrocarbon products, totaling $16.2 billion in value, represented a 44.9% share. This was followed by miscellaneous items (26.6% of exports) valued at $9.6 billion.
Gold and precious stones represented 9.1% of total exports amounting to $3.3 billion, followed by aluminium and aluminium products which represented 8.6% of total exports valued at $3.1 billion.
On the other hand, imports from the US increased by 15.7% ($7.8 billion) in 2023 to $57.7 billion. Miscellaneous items worth $20.7 billion made up 36% of total imports, while machinery and mechanical appliances accounted for a 28% share worth $16.1 billion.
Vehicles and vehicle parts represented 17% of imports, valued at $9.8 billion, while aircraft, spacecraft, and parts accounted for a 7% share, valued at $4 billion. This was followed by electrical machinery and equipment (6.3%) valued at $3.6 billion, and instruments and precision goods (5.7%) valued at $3.3 billion.
The United States was ranked the GCC's 4th largest trading partner in 2023, while China was ranked first with trade total of $286.9 billion, followed by India at $154.7 billion. Japan came next with $76.7 billion.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
30 minutes ago
- Tahawul Tech
GISEC 2025
'Blocking states from regulating AI without a national standard in place would hand another victory to greedy big tech companies who put profits over people'. Learn more about this developing story below. #USSentate #AIRegulation #tahawultech
Arabian Business
42 minutes ago
- Arabian Business
Emirates begins Shenzhen service with Boeing 777-300ER aircraft from Dubai
Emirates has launched its daily service to Shenzhen, establishing the airline's fourth gateway in the Chinese mainland as part of its East Asia growth strategy. The inaugural flight EK328 arrived at Shenzhen Bao'an International Airport on July 1, with passengers receiving gifts and certificates to mark the occasion. Shenzhen joins Emirates' China network The airline now operates 42 weekly flights to four cities in the Chinese mainland: Beijing, Shanghai, Guangzhou, and Shenzhen. The service provides passengers and businesses with connectivity and travel options to and from the Chinese mainland. Emirates operates the route with a four-class Boeing 777-300ER. Flight EK328 departs Dubai at 1005hrs and arrives in Shenzhen at 2200hrs. The return flight EK329 departs Shenzhen at 2355hrs and lands in Dubai at 0340hrs the following day. The flights connect to destinations across Europe, including London, Paris, Frankfurt, and Amsterdam, through Emirates' Dubai hub. Passengers can also connect to Emirates' destinations in Kenya, Egypt, South Africa and Saudi Arabia. 'We are excited to launch our new daily service to Shenzhen – one of China's most dynamic and innovative cities. This milestone reflects Emirates' ongoing commitment to strengthening our presence in the Chinese mainland and supporting the country's trade and tourism objectives. It is also aligned with the strengthening of China-UAE relations, and a strategic move to seamlessly connect the Guangdong-Hong Kong-Macao Greater Bay Area's innovation corridor – an international innovation and technology (I&T) hub that aims to attract global innovation resources, through our flights,' Adnan Kazim, Deputy President and Chief Commercial Officer, Emirates Airline said in a statement. 'We would like to express our gratitude and appreciation to the Civil Aviation Administration of China, Shenzhen Airport Group and our local partners for their support in making this launch possible. We look forward to connecting more travellers and businesses between Shenzhen and Dubai and across our growing network,' he added. The Boeing 777 aircraft features 8 suites in First Class, 40 lie-flat seats in Business Class, 24 seats in Premium Economy and 260 seats in Economy Class. Shenzhen becomes the first city in the Chinese mainland to receive Emirates' retrofitted aircraft with cabin interiors and Premium Economy. The Business Class cabin operates in a 1-2-1 layout, providing aisle access to every passenger. Emirates has served China since 2004 and facilitates connectivity to over 50 countries along the Belt and Road Initiative, covering one-third of the 150 countries and regions participating in the initiative. The expansion will boost inbound visitor volumes to the Greater Bay Area from GCC countries and Africa, while supporting industries including manufacturing, e-commerce, and biopharmaceuticals through a 72-hour supply chain system. The wide-body Boeing 777-300ER offers 16 tonnes of cargo capacity per flight, integrating Shenzhen's manufacturing sector with Emirates' cargo network. The airline's cold chain capabilities will ensure transportation of perishable goods and pharmaceuticals. The UAE is China's trading partner in the Middle East, with bilateral trade reaching US$95 billion in 2023. Aviation plays a role in trade growth between the two nations. Emirates' expansion comes as the UAE and China's partnership deepens, boosting cooperation in trade, technology, logistics and investment. Travellers from the GCC including the UAE can visit China visa-free for up to 30 days, allowing Emirates' customers to plan business and leisure trips to the Chinese mainland. Emirates remains committed to facilitating connectivity in and out of the Chinese mainland, in line with its growth strategy for East Asia.
Zawya
42 minutes ago
- Zawya
Maersk estimates effective US tariffs average 21% currently
Maersk estimates companies pay effective U.S. import tariffs of on average 21% relative to container load, the Danish shipping group said on Wednesday, less than half the rate before Washington paused its sweeping tariffs in April. Maersk said in a regular global market update that at its peak, shortly after April 2 when President Donald Trump unveiled tariffs against nearly all U.S. trading partners, the average effective rate was 54%. Its estimate was based on the group's container-weighted effective average tariff rate metric. More than a dozen major U.S. trading partners are rushing to reach agreements with the Trump administration by a July 9 deadline to avoid import tariffs jumping to higher levels. In April, Trump put a 90-day pause on the stiff levies he had announced just a week earlier that sent global financial markets into a tailspin. "The whole world is on tariff watch in July and August where various deadlines for potential trade deals with the U.S. expire," Maersk said. "The outcome of these negotiations will of course colour global trade and consumer sentiment in the months to come," it added. The company said it had seen robust container demand growth in the first half of the year. "What played out was not completely unexpected, and we did see customers advance orders ahead of the tariff announcements," it said. Maersk has seen many of its large U.S. customers reduce import dependency on China in recent years. "Many apparel and fashion customers have now reached single-digit China dependency," it said. "Other commodities like home improvements have a significantly higher level of Chinese manufacturing due to the nature of the goods," it added. (Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen; Editing by Anna Ringstrom and Emelia Sithole-Matarise)
