Middle East trade is experiencing significant growth, projected to increase by 15% compared to 9% globally from 2021 to 2024. Asia is expected to dominate this trade corridor, expanding from USD 0.9 trillion in 2024 to USD 1.5 trillion by 2030. Additionally, GCC-Africa trade is anticipated to double to USD 260 billion by 2030, report Standard Chartered Bank analysts.
Rapid growth in Middle East trade
“Middle East (ME) trade is gaining rapidly, growing 15% vs 9% global growth in 2021-24 as supply chains fragment and reroute through the region.”
“Asia is the dominant and most scalable trade corridor and looks set to expand from USD 0.9tn in 2024 to USD 1.5tn by 2030.”
“Africa is the fastest-growing corridor from a low base; we project GCC-Africa trade will double to USD 260bn by 2030.”
“Trade growth is increasingly import-led, with non-oil imports outpacing exports across major partners.”
“GCC drives over 80% of ME trade, with the UAE scaling flows as the region’s hub and Saudi anchoring demand and industrial exports.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Source: https://www.fxstreet.com/news/middle-east-trade-growth-dynamics-standard-chartered-202602021555
