GCC trade with Japan fell in 1998

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.