GCC-Hong Kong Trade Surges 30%: What This Growth Means for Investors and Entrepreneurs
MUSCAT, JULY 29 — The total trade volume between the Gulf Cooperation Council (GCC) countries and Hong Kong surged by 30.91% in 2021, reaching $14.4 billion, up from $11 billion in 2020, according to the GCC Statistics Center.
Exports from the GCC to Hong Kong saw a significant rise of 34.88%, totaling $11.6 billion compared to $8.6 billion in the previous year. The majority of these exports were precious stones and metals, valued at $9.4 billion, accounting for 81% of the total. Miscellaneous commodities contributed 6.1% with a value of $0.7 billion, followed by electrical machinery and equipment at 5.2% worth $0.6 billion. Clocks and watches made up 4.3% of exports, valued at $0.5 billion. Additionally, iron and steel exports, along with machinery and mechanical appliances, each represented 1.7% of the export value, amounting to $0.2 billion respectively.
On the import side, the GCC’s purchases from Hong Kong grew by 16.67%, reaching $2.8 billion in 2021. Precious stones and metals constituted nearly half (46.4%) of these imports, with a value of $1.3 billion. Luggage and personal items accounted for 32.1%, valued at $0.9 billion. Apparel articles represented 10.7% of imports with a value of $0.3 billion, and other commodities made up 7.2%, amounting to $0.2 billion.
Special Analysis by Omanet | Navigate Oman’s Market: The significant 30.91% surge in trade between the GCC and Hong Kong, driven largely by precious stones and metals, signals growing demand and lucrative export opportunities for Omani businesses in these sectors. However, the rising imports from Hong Kong also highlight a need for strategic diversification and quality enhancement to remain competitive. Smart investors should consider expanding into high-value commodities and leveraging trade partnerships to maximize growth in this evolving market landscape.
English 
Arabic 
Persian