The volume of trade between member states of the Gulf Cooperation Council (GCC) and New Zealand amounted to $3.3 billion in 2021, according to data from the GCC Secretariat.

Exports from the GCC made up over 60 per cent of this figure, amounting to $2.1 billion, which represents a 70-per cent jump in exports of $1.3 billion during the previous year.

Minerals, fuels, oils and waxes made up 81.9 per cent (corresponding to $1.72 billion in value) of exports, followed by fertilisers worth $180 million (8.6 per cent), miscellaneous goods valued at $90 million (4.2 per cent), plastics and plastic articles worth $60 million (2.9 per cent), glass and glassware worth $30 million (1.4 per cent), and aluminium products valued of $20 million (1 per cent of total exports).

Meanwhile, the value of imports from New Zealand into the GCC amounted to $1.2 billion in 2021, representing a 3.7-per cent decrease from the previous year’s total of $1.3 billion.

Dairy products and honey worth $860 million accounted for over 70 per cent of imports, followed by meats worth $130 million (10.8 per cent share), miscellaneous items valued at $110 million (9.1 per cent), fruits and nuts worth $50 million (4.2 per cent), medical and optical equipment worth $30 million (2.5 per cent), and wood and charcoal products valued at $20 million (1.7 per cent).

New Zealand currently ranks as the GCC’s 42nd largest trading partner as of 2021, while the block is New Zealand’s eighth-largest trading partner and the country’s seventh-largest export destination, according to the New Zealand Ministry of Foreign Affairs and Trade.

Both parties have been renegotiating a Free Trade Agreement (FTA) since 2022, following the suspension of previous negotiations in 2009.

According to the Secretary-General of the GCC, Jasem Mohamed al Budaiwi, the agreement will strengthen economic relations between the two parties and broaden investment opportunities.

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