Gulf hydrocarbon producers boosted their exports to Japan by nearly 11 per cent to a record high in 2012 as crude prices soared to their highest average and the southeast Asian giant remained heavily reliant on crude from the region.
The six Gulf Cooperation Council (GCC) countries, sitting atop 40 per cent of the world’s recoverable crude wealth, also increased their imports from Japan by a whopping 48 per cent, according to official data.
From nearly $141.8 billion in 2011, the GCC’s exports, mostly crude oil and gas, swelled to a record $157.4 billion in 2012, showed the figures by the Japan External Trade Organization (JETRO).
Read more: http://www.emirates247.com/business/gcc-exports-to-japan-at-all-time-high-in-2012-2013-02-28-1.496855
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