According to a report recently made public by the Emirates Industrial Bank, the trade balance deficit between the Arabian Gulf states and the European Union member countries tripled during the years 1989-1999.
The value of this trade deficit jumped from €3.7 billion in 1989 to €16.11 billion in 1999. The European Union member states dominated 40 percent of the Gulf nations’ total imports in 1999.
The value of the Arabian Gulf states’ total exports to the European Union member countries grew to €16.11 billion in 1999, up from €11.7 billion in 1989. This implies a 38 percent growth over a 10-year long period.
During this period, the value of the Arabian Gulf states’ total imports from the European Union member countries advanced to €31.6 billion, up from €15.4 billion. This implies a 105 percent spurt over a 10-year long period. ¯ (Albawaba-MEBG)