$500b from the GCC look for investment
The Gulf Cooperation Council countries will reach a combined trade surplus of up to $500 billion in 2012, a report by KFH-Research, a unit of Kuwait Finance House, says.
The huge positive balance is mainly the result of robust hydrocarbon exports on the back of high oil and gas prices, the study said. The GCC also benefitted from the increased reorientation of external trade demand from developed countries in the West toward fast-growing emerging markets, mainly in South and East Asia.
KFH-Research said that Asia will be the most important emerging market region for the GCC with oil consumption growth seen at 4.4 per cent per year on average over the next five years, while the crisis in the European Union, so far the largest trading partner for the GCC, remained the biggest downside risk.
In turn, the GCC countries are highly dependent on imported food, which makes Southeast Asian countries particularly interesting as trading partners and cooperation partners for food security investment projects. Cereals, oils, sugar and halal food play a major role in trading.
The GCC countries will witness a combined 6.5 per cent GDP growth in 2012 as a result of the support received by the oil and gas sectors. The trend is likely to continue with prices for Brent crude seen at an average of $96.8 per barrel in 2012 and $97 in 2013, from $95 in 2011.
The six major ASEAN economies — Indonesia, Thailand, Malaysia, Singapore, Philippines and Vietnam — will play a key role in trade between the GCC and Asia in the coming years. The countries already account for 35 per cent of all Asian trade with the GCC. See our related story: Asia top emerging market for GCC
[caption id="attachment_4345" align="alignleft" width="300"] Click to enlarge[/caption] The Gulf Cooperation Council countries will reach a combined trade surplus of up to $500 billion in 2012, a report by KFH-Research, a unit of Kuwait Finance House, says. The huge positive balance is mainly the result of robust hydrocarbon exports on the back of high oil and gas prices, the study said. The GCC also benefitted from the increased reorientation of external trade demand from developed countries in the West toward fast-growing emerging markets, mainly in South and East Asia. KFH-Research said that Asia will be the most important emerging market region...
The Gulf Cooperation Council countries will reach a combined trade surplus of up to $500 billion in 2012, a report by KFH-Research, a unit of Kuwait Finance House, says.
The huge positive balance is mainly the result of robust hydrocarbon exports on the back of high oil and gas prices, the study said. The GCC also benefitted from the increased reorientation of external trade demand from developed countries in the West toward fast-growing emerging markets, mainly in South and East Asia.
KFH-Research said that Asia will be the most important emerging market region for the GCC with oil consumption growth seen at 4.4 per cent per year on average over the next five years, while the crisis in the European Union, so far the largest trading partner for the GCC, remained the biggest downside risk.
In turn, the GCC countries are highly dependent on imported food, which makes Southeast Asian countries particularly interesting as trading partners and cooperation partners for food security investment projects. Cereals, oils, sugar and halal food play a major role in trading.
The GCC countries will witness a combined 6.5 per cent GDP growth in 2012 as a result of the support received by the oil and gas sectors. The trend is likely to continue with prices for Brent crude seen at an average of $96.8 per barrel in 2012 and $97 in 2013, from $95 in 2011.
The six major ASEAN economies — Indonesia, Thailand, Malaysia, Singapore, Philippines and Vietnam — will play a key role in trade between the GCC and Asia in the coming years. The countries already account for 35 per cent of all Asian trade with the GCC. See our related story: Asia top emerging market for GCC
