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The Gulf Cooperation Council (GCC) includes Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, and collectively is the ninth largest economy in the world.
In terms of two-way trade (imports and exports) the GCC is New Zealand’s eleventh largest trading partner (with the UAE and Saudi Arabia the key markets in the GCC).
GCC countries are rich in oil and gas, but lack farmland for food production and have high demand for imported food and drinks. New Zealand’s trusted meat and dairy exports meet some of that demand.
GCC countries are also motivated to reduce their economic reliance on oil and diversify their economies into renewable energy, high-tech and services sectors.
There is strong potential for New Zealand’s Government, service sector businesses and education providers to work with GCC countries towards this goal.
In the year ended June 2024 New Zealand exported $2.61 billion of total goods and services to GCC and imported $448.11 million, representing a trade balance of $2.17 billion and a total trade value of $3.06 billion.