The value of Arab merchandise exports reached roughly $1.225 trillion in 2014, accounting for 6.5 per cent of the world’s merchandise export value, recent figures show.
In its fourth issue of the “Statistics on Competitiveness of Intra-Arab Trade” bulletin, the Arab Monetary Fund reveals that the value of Saudi imports of goods amounted to approximately $889.6 billion in the same year, which represented 4.7 per cent of global merchandise imports.
In spite of the significant growth in inter-Arab trade volume during the past few years, the proportion is still low, where inter-Arab exports’ share stood at 9.9 per cent of the total Arab exports in 2014, while the share of Arab imports amounted to 13.7 per cent of the total Arab imports in the same year.
It should be noted that the most important mutual commodities among the Arab countries are mineral fuels, which includes crude oil, petroleum products and natural gas, accounting for nearly 27.7 per cent of the average inter-Arab trade in 2014.
The group of livestock, vegetables and food and beverage follows with 20.3 per cent, then iron steel and other basic metals and related products with 19.3 per cent, and products of the chemical industry with 12.9 per cent, while the proportion of machinery and transport equipment amounted to 6.5 per cent.
($1 = AED3.67, at the time of publishing)