MUSCAT: The trade exchange between countries of the Gulf Cooperation Council (GCC) and the Kingdom of Thailand dropped by 50% in 2023 to $20.3 billion in comparison to $40.6 billion in 2022, marking a $20.3 billion decline, according to a recent GCC-STAT report.
Exports from the GCC to Thailand experienced a sharp decline of 69.8% amounting to $9.4 billion in 2023.
Petroleum and hydrocarbon products made up for 71.3 per cent of exports with a value of $6.7 billion. Miscellaneous exports followed, accounting for 9.5 per cent valued at $0.9 billion. Gold and precious stones represented 6.4 per cent with a value of $0.6 billion, aluminium and its articles accounted for 5.3 per cent valued at $0.5 billion, fertilisers made up for 4.3 per cent with a value of $0.4 billion, while plastics and plastic products represented 3.2 per cent valued at $0.3 billion.
On the other hand, imports from Thailand to the GCC experienced an increase of 14.9% in 2023, amounting to $11 billion. Imports of motor vehicles, wagons and parts made up a 44.5 per cent share, valued at $4.9 billion. Miscellaneous imports accounted for 25.4 per cent with a value of $2.8 billion. Machinery and mechanical appliances represented 15.5 per cent valued at $1.7 billion. Imports of gold and precious stones and electrical machinery each made up for 5.5 per cent with values of $0.6 billion each, while rubber and related articles represented 3.6 per cent valued at $0.4 billion.
Thailand was ranked the GCC's 18th biggest trading partner in 2023, dropping by 10 ranks from the previous year.
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