Saudi Arabia’s trade exchange with GCC states increased by 11% or SAR 18.19 billion ($4.84 billion) year-on-year (YoY) during the first half (H1) of 2022.

The exchange value stood at SAR 71.59 billion ($19 billion) during the six-month period ended 30 June 2022, compared to SAR 60.60 billion ($16.13 billion) in the year-ago period, according to data collected by Mubasher based on figures from the General Authority for Statistics (GaStat).

Among GCC states, the UAE was the largest trade partner to Saudi Arabia during H1-22, dominating 63.32% of the total trade exchange value at SAR 45.34 billion ($12.07 billion).

Furthermore, the kingdom’s non-oil exports to GCC nations hiked by 29.60% YoY during H1-22 to SAR 34.75 billion ($9.25 billion), compared with SAR 26.80 billion ($7.13 billion).

Likewise, imports to the kingdom from Gulf countries reached SAR 36.85 billion ($9.81 billion) during the January-June period in 2022, an annual rise of 9.14%.

In the meantime, Saudi Arabia recorded over SAR 467.20 billion in trade surplus during H1-22, a YoY jump of 191.30% or SAR 306.81 billion when compared to SAR 160.39 billion.