Record GCC-China Trade Hits $297.9 Billion in 2023: Key Opportunities for Investors and Entrepreneurs in Oman
MUSCAT, September 25 – The total trade volume between the Gulf Cooperation Council (GCC) countries and the Republic of China reached USD 297.9 billion in 2023, according to the latest data released by the GCC Statistical Information Centre. This marks a 5.8% decrease from the 2022 figure of USD 316.1 billion. Despite this decline, China remains the GCC’s largest trading partner.
Exports from the GCC to China dropped by 16.7%, declining by approximately USD 31.7 billion to USD 158.3 billion in 2023. Petroleum and hydrocarbon products dominated these exports, accounting for 88.3% with a value of USD 139.8 billion. Miscellaneous exports represented 3.2% valued at USD 5.0 billion, followed closely by plastics and plastic products at 3% with a value of USD 4.7 billion.
Other notable export categories included organic chemical products at 2.6% (USD 4.1 billion), electrical machinery and equipment at 2.1% (USD 3.4 billion), and machinery and mechanical appliances, which made up 0.8% with a valuation of USD 1.3 billion.
Conversely, imports from China to the GCC grew by 10.8% in 2023, reaching USD 139.6 billion compared to USD 126.6 billion in 2022. Electrical machinery and hardware were the largest import category, comprising 37.2% of total imports, valued at USD 52 billion. Miscellaneous imports followed at 30.7%, worth USD 42.8 billion.
Machinery and mechanical appliances accounted for 17.2% of imports at USD 24.0 billion, while motor vehicles, wagons, and parts made up 7.4% with a value of USD 10.4 billion. Goods manufactured from steel and iron represented 3.9% of imports valued at USD 5.4 billion, and finished iron and steel imports accounted for 5%, worth USD 5 billion.
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The 2023 trade data reveals a divergent trend between GCC exports and imports with China, highlighting a 16.7% drop in GCC exports primarily driven by declining hydrocarbon shipments, contrasted by a 10.8% rise in imports dominated by electrical machinery and manufactured goods. For Omani businesses, this signals an urgent need to diversify export portfolios beyond hydrocarbons and capitalize on growing demand for advanced machinery and technology from China. Smart investors should consider leveraging the expanding import channels for industrial and technological products to enhance local value chains and reduce dependency on volatile energy markets.
