Commodity trade between UAE and Saudi Arabia drops 15% in 5 months

Economic – English:

The volume of merchandise trade between Saudi Arabia and the United Arab Emirates since the beginning of this year up to May last decreased by 15.1%, to stand at 27.52 billion of riyals, against 32.4 billion riyals for the same period in 2018, according to Mubasher statistics.

The UAE is Saudi Arabia's largest trading partner in the Arab and Gulf countries. The decline in trade between the two countries has therefore affected Kingdom trade in the Gulf countries in the first five months of 2019, despite the intensification of trade with Kuwait, Bahrain and Oman.

According to statistics based on official data from the Saudi Statistical Organization, the volume of merchandise trade with the Gulf States (Bahrain, Kuwait, Oman, United Arab Emirates) has decreased by 5.5% to 43 billion riyals, against 45.48 billion. RS in a similar period 2018.

Saudi Arabia's exports to the GCC countries amounted to 18.82 billion SAR in May 2019, against 20.28 billion SAR for the same period in 2018, a decrease of 7.2% .

The value of the Kingdom's imports into the Gulf has decreased by 4%, reaching 24.19 billion riyals in the first five months of this year, against 25.2 billion riyals for similar months of 2018.

Saudi Arabia reported a trade surplus with Kuwait during the reporting period, compared with a deficit with the United Arab Emirates, Oman and Bahrain. The deficit in trade in goods between the Kingdom and its Gulf partners amounted to 5.37 billion riyals, against 4.93 billion riyals for the corresponding period of 2018.

In the first two months of this year, Saudi Arabia's trade with GCC countries amounted to 16 billion RS, with the UAE alone accounting for 10.048 billion RS.

The volume of merchandise trade between Saudi Arabia and the Gulf countries increased by 14.3% in one year to 90.19 billion riyals, compared to 78.92 billion riyals in 2017, of which 69, 3% for the United Arab Emirates.