Trade GCC exports to Japan slump by more than $10bn in 2024 By Nadim Kawach March 6, 2025, 5:47 PM Cosmin Serban/Unsplash The Japan External Trade Organization said in its annual report this week that exports from the GCC reached $84 billion in 2024 Japan trade body reports decline Depresses GCC trade surplus Oil price drop impacts totals Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. The alliance’s exports to Japan, mainly crude oil, gas and aluminium, reached a total of $84 billion in 2024, down from $93 billion in 2023, the Japan External Trade Organization (Jetro) said in its annual report this week. Japan’s exports to the GCC, mainly electronics, electrical appliances, cars and heavy industrial goods, rose to $24 billion in 2024 compared with $22 billion in 2023, the report showed. Adnoc Gas to supply LNG to Osaka Why the Honda-Nissan merger was doomed to fail Gulf investors should hedge rising macro risks with Asian assets As a result the GCC trade surplus slumped to $60 billion in 2024 from almost $72 billion in 2023, Jetro said. It gave no reason for the decline in the GCC exports to Japan but average crude prices fell to $81 from $83 a barrel, according to the US Energy Information Administration. A breakdown showed the UAE remained the largest Gulf exporter to Japan as it has been the main oil supplier to that country. The report showed the UAE exports to Japan stood at about $37 billion in 2024 compared with $37 billion in 2023. The 2024 figure accounted for nearly 5 percent of Japan’s total imports. Japan’s exports to the UAE increased to around $13 billion from $10 billion in the same period, the report showed.
