Overview of GCC trade surplus

Nov 18, 2001 01:00 AM

The GCC's trade surplus with its largest trading partner -- Japan -- rose by 1.78 % to $ 16.6 bn during the first six months of this year, against $ 16.3 bn in the same period of 2000. Considering Japan's sluggish trade performance on the global scene, trade with the GCC has posted encouraging results, with growth in both exports and imports, said the Dubai office of Japan External Trade Organisation (JETRO).
Total trade rose by 3.34 % to $ 23.8 bn ($ 23 bn). Bucking the trend, Japan's exports to the GCC grew by 7.12 % to $ 3.6 bn. Imports rose by 2.69 % to $ 20.2 bn.
Though Japan's bilateral trade with all the six GCC countries rose to varying degrees, exports to some member countries showed slight declines. Japan's global trade during this period declined by 5.82 % to $ 391.9 bn due to a 10.9 % decrease in exports and a less than 1 % growth in imports.

Saudi Arabia:
Exports to Saudi Arabia -- top export market for Japan and largest trading partner in the GCC -- were valued at $ 1.52 bn ($ 1.32 bn).
Increasing the off-take of crude oil by 3.71 % to $ 5.27 bn, Japan lowered the import of petroleum gas from Saudi Arabia by 11.50 % to $ 898.8 mm. Other than crude oil and chemicals, imports from Saudi Arabia saw a general decline.

UAE:
Exports to the UAE -- Japan's largest trading partner in the GCC -- declined by 4.65 % to $ 1.22 bn ($ 1.28 bn). UAE remained Japan's top supplier of crude oil supplying 26.6 % of Japan's total crude oil imports from the world over. Import of petroleum gas also surged, and import of semi-finished aluminium rose by 7.8 % to $ 95.7 mm ($ 88.8 mm).

Qatar:
Japan's two-way trade with Qatar rose by 8.46 % mainly due to increase in the imports of crude oil, petroleum gas and chemicals. Qatar had a share of 13.26 % of Japan's overall trade with the GCC.

Kuwait:
Trade with Kuwait rose marginally by 2.32 % to $ 2.56 bn ($ 2.50 bn). Kuwait, with a share of 10.75 %, increased imports from Japan by 12.30 % during the first six months of 2001. Major items that saw a rise were chemicals, general machinery, passenger motorcars, precision instruments, textiles, metal and rubber products.

Oman:
Trade with Oman rose by 11.73 % to $ 1.43 bn.
Exports rose 18.02 % and imports by 9.67 %. Of all manufactured goods, decline in exports was recorded only in electrical machinery. Among Japan's imports from Oman, the predominant item was crude oil, covering more than 95 % of the total imports. Petroleum gas import was valued at $ 45.2 mm, covering 4.27 % of all imports. Import of foodstuff a relatively significant item from Oman had a marginal decline of 1.36 %.

Bahrain:
Japan's trade with Bahrain rose by 14.45 % to $ 194.1 mm ($ 169.6 mm). Exports rose by 37.52 % backed by increased demand in almost all kinds of machinery and equipment, including passenger motorcars. Japan's imports from Bahrain increased by 4.27 % due to increased imports of aluminium and petroleum gas.

Source: Gulf News
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