(MENAFN) The value of the bilateral trade between the GCC countries and Japan were reduced by 3.82 percentages to a total of USD164.76 billion in the year of 2014, Saudi Gazette reported.
The figure compares to USD171.31 billion recorded back in 2013. The shortfall is due to a 4.28 percent average decline in crude oil prices, which the GCC exported to Japan in 2014.
Japan's exports to the GCC countries showed a strong recovery in 2014 supported by increased demand for machinery and equipment, and iron and steel products.
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