Riyadh – Mubasher: Saudi Arabia’s trade exchange with GCC states plunged by 18.7% on an annual basis during the first ten months of 2020, pressured by the coronavirus pandemic. 

The exchange value stood at SAR 97.89 billion ($26.1 billion) over the January-October period of 2020, compared with SAR 120.39 billion ($32.1 billion) in the prior-year period, according to data collected by Mubasher based on figures from the General Authority for Statistics (GaStat).

Among GCC states, the UAE was the largest trade partner to Saudi Arabia during the ten-month period ended in October, accounting for 64.1% of the total trade exchange value at SAR 62.75 billion ($16.73 billion).

Moreover, Saudi Arabia achieved a trade surplus with Gulf nations of SAR 19 billion ($5.07 billion) in the January-October period, a yearly shrinkage of 29.8%.

Furthermore, the kingdom’s exports to GCC nations plummeted by 20.7% yearly over the ten-month period to reach SAR 58.44 billion ($15.59 billion) whilst imports fell by 15.5% annually to stand at SAR 39.44 billion ($10.52 billion).

Gross domestic product (GDP) of Gulf countries at current prices exceeded $1.64 trillion by the end of 2019, representing 4.1% of the global economy.