RAK and GCC Trade at AED4 Billion July 09,2019
GCC countries came in the lead on list of Ras Al Khaimah trade partners in 2018. The period from 2010-2018 saw an increase of trade volume by 45% up to AED4.15 billion, representing 29% of RAK overall external trade in 2018.
According to RAK Chamber of Commerce and Industry, the GCC countries came on top in terms of exports, which increased during 2010-2018 by 78%, from AED1.626 billion to AED2.897 billion. The GCC countries were the biggest contributor in 2018, with a share of 39% of the overall exports.
In terms of imports, the GCC countries were up by 40% during 2010-2018, from AED265 million to AED372 million, with an 8% share compared to other countries in 2018. On the other hand, reexports to the GCC countries declined by 8%, from AED961 million to AED880 million. However, the GCC countries were the biggest contributor in 2018, with a share of 51.5% of the overall reexports.
Oman had the biggest share among GCC countries, with a total trade volume of AED1.862 billion (44.9%), followed by Kuwait with AED859 million (20.7%), Bahrain with AED725 million (17.5%) then KSA with AED701 million (16.9%).
In 2018, Oman registered as the biggest export destination, with AED1.13 billion, (35%) followed by Kuwait with AED834 million (29%) and Bahrain with AED587 million (20%).