Inter-GCC trade volume hits $121.2bn

An economic report showed that the value of trade exchanges among the GCC member states rose by 14 percent to USD 121.3 billion in 2013 from USD 106.5 billion in the previous year.
The bilateral trade exchanges among the GCC member states have grown remarkably and steadily since the inception of the GCC Customs Union in January, 2003, according to the report, issued by the GCC Secretariat's information sector on Thursday.
The inter-GCC trade volume went up from USD 15 billion in 2002 to USD 23 billion the following year when the customs union took force, reflecting a 25 percent increase.
Similarly, the GCC common market, which was launched in January, 2008, contributed to the growth of the trade volume from USD 29 billion in 2004 to the current USD 121.2 billion, according to the report.
The GCC common market turned to be one of the world's largest economic blocs with a total population of 47 million, an aggregate GDP of USD 1.6 trillion and total foreign trade of USD 1.4 trillion, it added.