Manama: Regarding the economic and trade activity of the Gulf Cooperation Council (GCC), the GCC Statistical Center announced a 7.4% increase in the volume of GCC merchandise trade (excluding intra-GCC trade), reaching approximately US$1.6 trillion in 2024, compared to US$1.5 trillion in 2023, thus recording its highest level in history during the period 2017-2024.
According to Qatar News Agency, the Center indicated that the total value of merchandise exports reached approximately US$850 billion in 2024, compared to about US$821 billion in 2023, representing an increase of approximately 3.4%. China, India, and Japan topped the list of the GCC countries' main trading partners for 2024, collectively accounting for about 36% of the GCC's total merchandise trade with the world. China ranked first with a trade volume of approximately US$299 billion, followed by India with approximately US$158 billion, and Japan with approximately US$114 billion. The United States and South Korea followed with trade volumes of approximately US$89 billion and US$88 billion, respectively.
Data from 2024 confirms that the GCC maintained its position among the world's largest trading economies, ranking fifth globally in terms of merchandise trade volume, with a 3.2% share of total global trade, valued at nearly US$1.6 trillion. This performance highlights the GCC's rise from sixth place in 2023 to fifth place in 2024, reinforcing its role in global supply and energy chains.
On November 13th, the Gulf Cooperation Council (GCC) pavilion was inaugurated at the Bahrain National Museum, coinciding with the Manama Summit. The pavilion showcases the GCC's journey since its establishment 44 years ago, documenting historical milestones, joint Gulf achievements, political cooperation, strategic dialogue, and more.
Since its establishment, the GCC has become a well-established system at the Gulf, regional, and international levels, playing a constructive role across political, economic, defense, security, and humanitarian fields. It has laid foundations for comprehensive development and economic progress, represented by the Gulf Common Market and infrastructure projects.
The GCC is a significant economic player internationally, being a large market for exports and a key supplier in global energy markets. Its member states have become a hub for investment and trade, reinforced by their strategic location, natural resources, and strong economies.