Trade between Japan and the GCC dropped sharply in 1993 because of lower oil prices and a strong yen, according to figures released by Japan External Trade Organisation (Jetro).
Japanese exports fell by 8.4 per cent to $8,800 million. Jetro attributes this to higher prices caused by the appreciation of the yen. Sales to Saudi Arabia, which accounts for almost half of Japanese exports to the GCC, were down by 15.6 per cent to $4,087 million.
Lower crude prices brought Japanese imports from the GCC down by 7.9 per cent to $23,557 million, despite a 3.6 per cent increase in oil import volumes.