GCC-France trade hits $29.7bln in 2023
Total trade between countries of the Gulf Cooperation Council (GCC) and France amounted to USD 29.7 billion in 2023, according to a recent report by the GCC Statistics Center.
The figure represents an 8.42% dip in comparison to 2022's figure of $32.2 billion.
Exports from countries of the GCC to France experienced a remarkable slide of 24.04%, amounting to $13.9 billion in 2023, in comparison to $18.3 billion a year earlier.
Mineral fuels, oils and waxes represented 81.3% of exports with a total value of $11.3 billion. This was followed by miscellaneous items, representing 7.8% of exports with a value of $1.1 billion, and aircraft, spacecrafts and parts representing 3.6% of exports with a value of $0.5 billion.
Machinery and mechanical appliances accounted for 2.9% of exports, followed by precious stones and metals which made up for 2.2% of exports valued at $0.3 billion. Inorganic chemicals represented 2.2% of exports with a value of $0.3 billion.
Imports from France into the countries of the GCC on the other hand experienced a 13.67% increase in 2023, amounting to a total of $15.8 billion in comparison to $13.9 billion in 2022.
Miscellaneous items made up for a majority of imports at 43.7% with a value of $6.9 billion, followed by imports of machinery and mechanical appliances which made up for 17.7% of imports with a value of $2.8 billion.
Oils, resinoids, perfumery and cosmetics made up for 13.8% of imports valued at $2.2 billion, followed by precious stones and metals which represented 10.1% of imports with a value of $1.6 billion.
Moreover, pharmaceutical products represented 8.9% of imports valued at $1.4 billion, and lastly electrical machinery and equipment made up for 5.7% of imports with a value of $0.9 billion.
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