GCC trade with Japan fell in 1998
Gulf-Japan, Economics, 11/29/1999
Low oil prices and reduced sales combined to reduce trade during 1998 between the Gulf Cooperation Council's six member states and Japan by 23.9%, Gulf News reported. The report added that trade fell from $41.26 billion in 1997 to $31.69 billion in 1998, including a drop in the value of crude oil imports from $24.85 billion to $16.22 (34.73%) despite a drop of only 2.98% in the amount of oil imported.
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