Japan’s total trade with the Gulf Cooperation Council (GCC) states increased by 67.5 percent to 23.07 billion dollars during the first six months of 2000, compared to 13.77 billion dollars during the corresponding period in 1999, according to a report issued by Japan External Trade Organization’s office (JETRO).
The report, quoted by Oman's News Agency (ONA), attributed the increase to the rise in the price of crude oil, the major commodity of Japanese import from the GCC states.
In spite of a 92 percent increase in the value of imports, Japan’s exports to the GCC states suffered a slight setback and the value declined by 4 percent, said the report.
As a result of the steep climb in the value of imports and the decline in exports, the balance of trade grew dramatically in favor of the GCC states, added the report.
At the end of June 2000, the Gulf states enjoyed a favorable trade balance to the tune of 16.3 billion dollars against Japan, an increase of 142.5 percent from the first half of 1999.
The report said that although exports to the GCC as a whole were down by more than 4 percent, exports to the UAE, Oman and Qatar had increased considerably -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
