MUSCAT, JULY 8
The trade exchange between the countries of the Gulf Cooperation Council (GCC) and the United States of America amounted to $94.7 billion in 2022, according to recent data published by the council. This figure represents a 34.1 per cent increase from 2021's figure, which was $70.6 billion.
Of this total, imports from the United States to the countries of the GCC amounted to $49.7 billion in value. Miscellaneous items worth $20.3 billion made up 40.9 per cent of total imports, while machinery and mechanical appliances accounted for 26.8 per cent share worth $13.3 billion.
Vehicles and vehicle parts represented 14.3 per cent of imports, valued at $7.1 billion, while aircraft, spacecraft, and parts represented 7.2 per cent, valued at $3.6 billion.
Other key import categories comprised electrical machinery and equipment (5.6 per cent) valued at $2.8 billion, followed by medical, optical, and photographic apparatus (5.2 per cent) valued at $2.6 billion.
Meanwhile, exports from the countries of the GCC to the United States amounted to $45 billion in value in 2022. Mineral fuels, oils, and waxes, totaling $24.3 billion in value, represented a 54 per cent share. This was followed by miscellaneous items (22.9 per cent of exports) valued at $10.3 billion.
Aluminium and aluminium products represented 8.7 per cent of total exports, amounting to $3.9 billion, followed by fertilisers (5.1 per cent) worth $2.3 billion, precious stones and metals (4.9 per cent) valued at $2.2 billion, and printed books, newspapers, and pictures (4.4 per cent) worth $2.0 billion.
The United States was the GCC's 5th largest trading partner in 2022, while China ranked first with two-way trade worth $316.4 billion, followed by India ($174.2 billion), Japan ($140 billion, and South Korea ($97.6 billion).
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