UAE tops GCC trade exchange with Saudi Arabia in July – GASTAT

UAE tops GCC trade exchange with Saudi Arabia in July – GASTAT
Bilateral trade between the oil-rich kingdom and its GCC peers jumped 14.4% year-on-year in July

By: El-Sayed Gamal

Riyadh – Mubasher: The UAE acquired about 72% of Saudi Arabia’s trade exchange with the GCC with SAR 5.26 billion ($1.4 billion) in July, Mubasher reported, citing the General Authority for Statistics’ (GASTAT) data.

Trade exchange between the two GCC nations registered a SAR 2.42 billion surplus for the UAE after Saudi Arabia’s exports stood at SAR 1.42 billion, against  SAR 3.84 billion in imports, the GASTAT added.

Bilateral trade between the oil-rich kingdom and its GCC peers jumped SAR 915 million, or 14.4% year-on-year, in July, reaching SAR 7.31 billion, compared to SAR 6.39 billion.

In July, Saudi Arabia's locally-manufactured exports to the GCC nations hit SAR 2.49 billion, against imports worth SAR 4.82 billion, to record a trade deficit of SAR 2.32 billion.

Year-on-year, the kingdom’s locally-manufactured exports fell 2.2%, while its merchandise imports surged 25.3% in July.

Kuwait posted the second-biggest trade exchange with Saudi Arabia with imports of SAR 509 million, against SAR 140 million in exports.

Bahrain ranked third with a SAR 223 million surplus, after its exports amounted to SAR 528 million, against Saudi imports at a value of SAR 305 million.