JEDDAH: Trade among Gulf Cooperation Council states reached $1.5 trillion in 2024, ranking sixth globally and representing 3.2 percent of world trade, in a reflection of the region’s economic resilience and diversification, a senior official said.
Speaking at the 61st preparatory meeting of GCC trade ministry undersecretaries, Khalid Ali Al-Sunaidi, assistant secretary-general for economic and development affairs at the GCC General Secretariat, said the bloc collectively posted a $110 billion trade surplus, the third-largest worldwide, Kuwait News Agency, or KUNA, reported.
The development underscores the GCC’s position as a financially resilient and strategically coordinated bloc, despite challenges such as oil price volatility, global economic slowdown, and geopolitical tensions.
Al-Sunaidi emphasized that trade within the GCC serves as a key driver for economic diversification, enhancing competitiveness, and expanding investment and innovation opportunities.
“He noted that intra-GCC merchandise trade reached around $146 billion in 2024, with an annual growth rate of 9.08 percent compared to 2023, and a ten-year average annual growth rate of non-oil goods of 5.3 percent,” KUNA reported.
