Japan-Gulf exchanges reach $50 billion in 2000
The Japan External Trade Organization (Jetro) revealed that the trade volume between Japan and the Gulf Cooperation Council (GCC) states reached $49.66 billion in 2000, rising nearly 50 percent over last year’s figures. In 1999, exchanges were valued at $33.15 billion, reported Al-Jazira newspaper.
The Japanese organization emphasized the fact that this increase was a result of the rising oil prices, which constitute the bulk of Gulf exports to Japan. Gulf export to Japan over the year 2000 constituted 85.13 percent of the total exchanges. Trade with the GCC constituted nearly six percent of Japan's world trade, valued at $861.8 billion last year.
Japan’s export to the GCC states—Bahrain, Qatar, Oman, Kuwait, Saudi Arabia and the United Arab Emirates (UAE)— reached $7.38 billion in 2000, compared with $7.55 billion in 1999, reflecting a drop of 2.3 percent. Japan's imports nearly 78 percent of its mineral fuel from the GCC. Saudi Arabia accounted for most of this fall, followed by Kuwait and Bahrain.
The UAE claimed a 35.08 percent share of Japan’s Gulf trade, while Saudi Arabia accounted for 34.91 percent, Qatar 12.42 percent, Kuwait 11.25 percent, Oman 5.61 percent and Bahrain 0.73 percent.
UAE exports to Japan soared 68 percent to $14.9 billion while imports edged up 0.77 percent to $2.5 billion due to higher demand for machinery and equipment, including cars. Japan's trade with Saudi Arabia rose 48.8 percent to $17.3 billion. Trade with Qatar grew 66.8 percent to $6.16 billion, with Kuwait 49.3 percent to $5.58 billion, Oman 17.7 percent to $2.7 billion and Bahrain 16 percent to $364.8 million. — (MENA Report)
© 2001 Mena Report (www.menareport.com)
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