Gulf exports to Korea nearly halve in 2023
Published: 04:06 PM,Jun 02,2025 | EDITED : 08:06 PM,Jun 02,2025
Hydrocarbon exports from the Gulf to Korea fell by 47.2% in 2023.
MUSCAT, JUNE 2
Trade between member states of the Gulf Cooperation Council (GCC) and the Republic of Korea amounted to $58.9 billion in 2023, according to a recent report by the GCC Statistics Organisation. The figure represents a 39.5% decrease – equivalent to $38.4 billion – from the previous year. The decline was fueled by a roughly 50% decline in GCC exports to Korea, which slumped to $46.3 billion in value in 2023, down from $86.1 billion in 2022.
Exported hydrocarbon products, which made up 94.2% of total exports, were valued at $43.6 billion in 2023, representing a decrease of 47.2% in comparison to the previous year ($82.5 billion). This was followed by miscellaneous items, which made up 2.0% of total exports, valued at $0.9 billion, which decreased by $0.4 billion from the previous year.
Aluminium products made up 1.5% of exports with a value of $0.7 billion and decreased by $0.3 billion in 2023. Organic chemical products, which represented 1.1% of total exports, dipped by $0.2 billion in 2023 to reach $0.5 billion. Copper exports experienced a slight decrease of $0.1 billion, amounting to $0.3 billion, followed by inorganic chemical product exports, which decreased by $0.2 billion in 2023, also amounting to $0.3 billion. Both copper products and inorganic chemical products made up 0.6% of total exports respectively.
On the other hand, imports from the Republic of Korea into the GCC experienced an increase of 11.1% ($1.4 billion) in 2023. Total imports were valued at $12.6 billion in 2023, in comparison to $11.2 billion in 2022. Miscellaneous items, which represented 33.3% of total imports, remained unchanged with a value of $4.2 billion. Motor vehicles and parts, which represent 27.8% of total imports, experienced an increase of $0.6 billion in 2023, amounting to $3.5 billion. Imports of machinery and mechanical appliances also increased in 2023 by $0.4 billion, amounting to $2.1 billion. This was followed by electrical machinery and apparatus, which also experienced a slight increase of $0.1 billion in 2023.
Imports of artificial articles of iron and steel represented 7.1% of imports with a value of $0.9 billion, while iron and steel imports made up 4% of total imports with a value of $0.5 billion, representing a $0.1 billion decrease from the previous year.
The Republic of Korea ranked as the GCC’s 5th trading partner in 2023.
Trade between member states of the Gulf Cooperation Council (GCC) and the Republic of Korea amounted to $58.9 billion in 2023, according to a recent report by the GCC Statistics Organisation. The figure represents a 39.5% decrease – equivalent to $38.4 billion – from the previous year. The decline was fueled by a roughly 50% decline in GCC exports to Korea, which slumped to $46.3 billion in value in 2023, down from $86.1 billion in 2022.
Exported hydrocarbon products, which made up 94.2% of total exports, were valued at $43.6 billion in 2023, representing a decrease of 47.2% in comparison to the previous year ($82.5 billion). This was followed by miscellaneous items, which made up 2.0% of total exports, valued at $0.9 billion, which decreased by $0.4 billion from the previous year.
Aluminium products made up 1.5% of exports with a value of $0.7 billion and decreased by $0.3 billion in 2023. Organic chemical products, which represented 1.1% of total exports, dipped by $0.2 billion in 2023 to reach $0.5 billion. Copper exports experienced a slight decrease of $0.1 billion, amounting to $0.3 billion, followed by inorganic chemical product exports, which decreased by $0.2 billion in 2023, also amounting to $0.3 billion. Both copper products and inorganic chemical products made up 0.6% of total exports respectively.
On the other hand, imports from the Republic of Korea into the GCC experienced an increase of 11.1% ($1.4 billion) in 2023. Total imports were valued at $12.6 billion in 2023, in comparison to $11.2 billion in 2022. Miscellaneous items, which represented 33.3% of total imports, remained unchanged with a value of $4.2 billion. Motor vehicles and parts, which represent 27.8% of total imports, experienced an increase of $0.6 billion in 2023, amounting to $3.5 billion. Imports of machinery and mechanical appliances also increased in 2023 by $0.4 billion, amounting to $2.1 billion. This was followed by electrical machinery and apparatus, which also experienced a slight increase of $0.1 billion in 2023.
Imports of artificial articles of iron and steel represented 7.1% of imports with a value of $0.9 billion, while iron and steel imports made up 4% of total imports with a value of $0.5 billion, representing a $0.1 billion decrease from the previous year.
The Republic of Korea ranked as the GCC’s 5th trading partner in 2023.