GCC-US non-oil trade volume increases

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GCC-US non-oil volume trade increases

GCC-US non-oil volume trade increases

(Muscat) – The volume of non-oil trade between the Gulf Cooperation Council for Arab States (GCC) and the United States (US), in the first nine months of 2015, amounted to US$41.7 billion, a rise of 2.8 percent as compared to the same period in 2014, which stood at $40.6 billion.
Omani News Agency (ONA), quoting the GCC Statistical Centre (GCC Stat) in its annual report, revealed that the total value of non-oil merchandise exports of the GCC countries to the US in the first nine months of 2015 amounted to $4.8 billion compared to $4 billion during the same period of 2014, an increase of 18.7 percent.
The report showed that the total merchandise imports of the GCC countries from the US in the first nine months of 2015 amounted to $36.9 billion, an increase of one percent compared to the same period in 2014, which amounted to $36.5 billion. These merchandise imports accounted for 11.9 percent of total imports of the GCC during the same period in 2015.
The report noted that the Kingdom of Saudi Arabia was ranked as the most important trading partner of the GCC countries for the volume of non-oil trade with the US for the first nine months of 2015, with $17.4 billion, which is 41.8 percent of the total volume of non-oil trade of the GCC countries with the US over that period.
The UAE was the largest GCC exporting market to the US in the first nine months of 2015, where its exports reached $1.9 billion, or 40 percent of the total GCC non-oil merchandise exports with the US, as against the same period last year.
The report indicated that the aluminium group and its products ranked first among the non-oil merchandise exports of the GCC countries to the US in the first nine months of 2015, where its contribution accounted for nearly 20.9 percent of the total non-oil merchandise of GCC countries during the same period the previous year. The devices group and machine tools ranked first for merchandise imports from the US in the first nine months in 2015, amounting to $10.1billion.
This merchandise group accounted for 27.4 percent of the total imports of the GCC commodities from the US in the same period in 2015.
(Courtesy WAM)