Japan's Trade with GCC Up 49.8 Percent
Japan's trade with the Gulf Cooperation Council (GCC) states jumped 49.8 percent to $49,666.2 million last year, leading to a 93.4 percent balance of trade surge in favor of the GCC countries at $34,897.2 million, according to the Japan External Trade Organization (Jetro).
The UAE claimed a 35.08 percent share of Japan's GCC trade, said Jetro in a report, cited by the Gulf News, adding that Saudi Arabia accounted for 34.91 percent, Qatar 12.42 percent, Kuwait 11.25 percent, Oman 5.61 percent and Bahrain 0.73 percent.
Imports constituted 85.13 percent of Japan's trade with the GCC.
Nearly 78 percent of Japan's mineral fuel imports came from the GCC.
Meanwhile, Japanese exports to the GCC fell 2.26 percent to $7,384.5 million, Jetro said.
Saudi Arabia accounted for most of this fall, followed by Kuwait and Bahrain.
Trade with the GCC constituted nearly 6 percent of Japan's world trade, valued at $861.8 billion last year – Albawaba.com
The UAE's exports to Japan soared 68.06 per cent to Dh54.62 billion ($14,882.9 million) while imports edged up 0.77 per cent to Dh9.32 billion ($2,539.9 million) due to higher demand for machinery and equipment, including cars. Japan's crude oil imports from the UAE covered 76.63 per cent of the total at 395.4 million barrels.
The UAE was also Japan's second largest export destination with a share of 34.40 per cent.
Meanwhile, GCC aluminium exports grew 16.13 per cent to Dh853.28 million ($232.5 million), thanks to increased exports from the UAE (36.87 per cent to Dh642 million or $175 million). Exports from Saudi Arabia also improved, but those from Bahrain fell 23.35 per cent to Dh189.37 million ($51.6 million).
Japan's trade with Saudi Arabia rose 48.77 per cent to Dh63.62 billion ($17,333.8 million). Trade with Qatar grew 66.78 per cent to Dh22.64 billion ($6,167.9 million), with Kuwait 49.33 per cent to Dh20.5 billion ($5,5586.7 million), Oman 17.72 per cent to Dh10.22 billion ($2,785.6 million) and Bahrain 16.01 per cent to Dh1.34 billion ($364.4 million).
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