MUSCAT : According to the Statistical Centre of the Cooperation Council for the Arab States of the Gulf, the GCC exported goods worth $57.5 billion to the United States in 2023, while imports from the US stood at $36.1 billion. This substantial exchange underscores the importance of the US as a key trading partner for the Gulf bloc.
Meanwhile, outward foreign direct investment (FDI) from the GCC to the US has grown steadily since 2017, reaching around $30 billion by the end of 2022. However, this figure represents just 7% of the GCC’s total outward FDI—indicating a slight downward trend in the region’s share of investments directed specifically at the US.
On the flip side, US investments in the GCC have shown minimal movement. Although there were slight increases in 2018 and 2019, investment levels declined during 2020 and 2021 and have yet to rebound significantly. Notably, the share of US FDI in the total foreign investment flowing into the GCC dipped further in 2021-2022 compared to previous years.
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Despite the sluggish investment trends, both parties continue to build on a foundation laid by the 2012 Framework Agreement on economic, trade, and investment cooperation. This agreement aims to enhance bilateral ties through reducing trade barriers, fostering liberalization, and promoting broader technical and economic collaboration.
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