JAPAN GCC TRADE DURING THE YEAR 2004 Record-high imports and exports:

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1 1 JAPAN GCC TRADE DURING THE YEAR 2004 Record-high imports and exports: 80, , , , Japan-GCC trade trend (value in US$ million) Total trade According to JETRO statistics, which was made available recently, Japan s bilateral trade with the 6-nation GCC block surged more than 20.0% to US $ 63, million during the year 2004, compared to US $ 52,627 million in Exports surged by 11.72% to US $ 11, million and imports by 23.16% to US $ 52, million. This surge in trade between Japan and GCC countries is comparable to the surge in Japan s trade with the world over, during the year Japan had a record setting performance in her global trade in 2004, which surpassed the 1 trillion dollar mark in value for the first time. Tends of Japan s trade with the GCC countries (value in U$ $ billion & Growth rates in %) Particulars 2002 G. Rate 2003 G. Rate 2004 G. Rate Total Trade with the GCC Total Exports to the GCC Total Imports from the GCC Source: Japan external trade statistics Compiled by JETRO Dubai Discrepancies in the total are due to rounding Japan s global trade background: Japan s global trade set new records for imports and exports in 2004, the second consecutive year in which import records were renewed. Global exports soared 20.3% year on year to US $ billion and imports surged 19.2% to US $ billion. Total trade value rose 19.8% to US $ 1,019.7 billion. The trade surplus was US $ billion, up US $ 22.0 billion. Strong export growth was attributed to major factors such as the Yen s appreciation against the dollar, which was reflected in the total export figure expressed in US dollars, and a robust global economy, which boosted exports 10.6% in volume terms, despite the Yen s appreciation. At the same time, the stronger Yen, and a strong domestic economy supported surge in imports. Another major contributor for the surge in imports was the highest oil import price seen since The average price per barrel of crude oil stood at US $ 36.4 in 2004, up 24.5% from the preceding year, pushing Japan s total oil imports up 22.6% to a record US $ 56.1 billion. Japan s exports to the GCC: Japan s major exports to the GCC countries (value in million US $) DESCRIPTION G. Rate Share GRAND TOTAL 9, , , TRANSPORT EQUIPMENTS 5, , , GENERAL MACHINERY (OTHER THAN ELECTRIC) 1, , , ELECTRICAL MACHINERY , IRON & STEEL (SEMI-MANUFACTURED) TEXTILES PRECISION INSTRUMENTS CHEMICALS MANUFACTURES OF METALS FOOD STUFF Source: Japan External trade statistics compiled by JETRO Dubai

2 2 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Japan s exports to the GCC were up 11.7% to US$ 11, million in 2004, compared to 10, million in UAE was Japan s largest export market among the GCC countries, with a share of 40.56%, followed by Saudi Arabia with 32.33%. Oman stood 3 rd with 10.22%, followed by Kuwait (8.23%), Qatar (5.22%) and Bahrain (3.44%). In the preceding year, Saudi Arabia had a slightly higher share in Japan s exports to the GCC, with 36.53% against the UAE s 35.64%. Exports to Saudi Arabia declined in 2004 by 1.13%, compared to a 27.14% surge in exports to the UAE Foodstuff Export of transport equipment, the driving force behind the general climb in exports to the GCC, surged by 5.31%. This category alone covers 53.2% of Japan s total exports to the GCC. Export of transport equipment to the UAE was up 19.23%, whereas it was only less than 1.0% to Saudi Arabia. When export of transport equipment to Oman rose by almost 14.0%, it fell almost at the same magnitude to Kuwait. To Qatar and Bahrain too, there were marginal decline in the export of transport equipment. Export of general machinery to the GCC was up 22.0% to US $ 1,611.5 million. When large increase was noticed in the export of general machinery to Qatar, Oman and the UAE, to Saudi Arabia and Bahrain it was moderate and to Kuwait negative. Export of electrical machinery to the GCC was up 47.0% to US $ 1,337.0 million, with UAE taking nearly 62.0% of the whole lot. While export of this category to Bahrain was up 133.7%, to Kuwait, it went down by 16.0%. Exports of chemicals, non-metallic mineral products, manufacturers of metals, non-ferrous metal products, foodstuff and raw materials all so moderate to high increase during the year Japan s imports from the GCC Japan s import from the GCC in the year 2004 was up 23.2% to US$ 52,297.0 million, compared to 42,463.7 million in the preceding year. Mineral fuels constituted 98.5% of Japan s overall imports from the GCC countries, which was equal to 51.8% of Japan s total mineral fuel imports from the world over. UAE was the largest source of mineral fuels to Japan supplying 18.2% of Japan s total imports of this commodity. Saudi Arabia stood close second with almost an equal share. 40, , , , , , , , Ex ports (in million US$) Transport equipment General machinery Electrical machinery Iron & steel (semi-manuf.) Tex tiles Chemicals Japan's major imports from the GCC (v alue in million US$) Metal products Crude oils Light oils & preparations Liquefied natural gas Liquefied propane Liquefied butanes Chemicals Metal products Other petroleum preparations When considering crude oils particularly, GCC was again the largest source for Japan, supplying 71.4% of all crude oils imported by Japan in Japan imported a total of 1, million barrels of crude oil from the GCC in 2004, at a total cost of billion US Dollars. This translates into US $ per barrel on an average. In the preceding year, the figures were 1,107 million barrels at an average price of US $ 29/- per barrel. This shows that the quantity of crude oil imported from the GCC countries in 2004 declined by 0.67%, and at the same time, the per barrel price increased by 25.24%. Among the GCC countries, Saudi Arabia was Japan s largest supplier of crude oils, covering 26.8% of Japan s crude oil imports in UAE was second with a share of 25.8%. Shares of other GCC countries in the supply of crude oil to Japan were; Qatar 9.3%, Kuwait 7.1% and Oman 2.3%. Supplies from Bahrain, in the range of mineral fuels, were limited to light oils and oil preparations, valued at around million US Dollars.

3 3 Japan s major imports from the GCC countries (value in million US $) DISCRIPTION G rate Share GRAND TOTAL 34, , , PETROLEUM ETC (CRUDE) 26, , , LIGHT OILS AND PREPARATIONS 2, , , LIQUEFIED NATURAL GAS 2, , , LIQUEFIED PROPANE 2, , , LIQUEFIED BUTANES , CHEMICALS METAL PRODUCTS OTH PETROLEUM (EX CRUDE) & PREPARATIONS RAW MATERIALS FOOD INTENDED FOR USE IN AIRCRAFTS'STORE FOOD STUFF, ANIMAL OR VEGETABLE PRODUCTS Source: Japan external trade statistics Compiled by JETRO Dubai Among fuel oils, light oils and other oil preparations, liquefied natural gases and liquefied petroleum gases were the other major import commodities form the GCC countries. Import of light oils and preparations were up 41.73% to US$ 3, million in 2004, compared to 2, million in the preceding year. 45.8% of the Japan s total import of this commodity came from the GCC countries in UAE was Japan s 2 nd largest supplier of light oils and oil preparations to Japan, after South Korea, covering 13.5% of Japan s total import of this item. Kuwait and Saudi Arabia were at close 3 rd and 4 th positions, with a share of 13.2% each. Import of liquefied natural gases (LNG) from the GCC were up 4.51% to US$ 3, million, representing 22.4% of Japan s total LNG imports, or 6.5% of Japan s total imports from the GCC. Import of liquid propane gas, for which GCC countries accounted for 85.3% of Japan s imports in 2004, was up 16.6% to US$ 3, million. Saudi Arabia (44.3%), UAE (18.8%), Kuwait (11.6%) and Qatar (10.7%) were the major suppliers of this commodity to Japan in Import of liquefied butane gas, for which GCC accounted for 67.7% of Japan s total requirements, was up 23.56% to US$ 1, million. UAE, which was the largest supplier of this commodity to Japan (28.1%), with Saudi Arabia in the 2 nd position (22.7%), covered more than half of Japan s total requirements of this commodity in Other major items of import from the GCC included chemicals and metal products, which were up 11.37% and 17.19% respectively in Saudi Arabia was the source of over 86.0% of the chemicals supplied from the GCC, which were valued at US$ million in 2004, with the remaining coming from the UAE and Oman. Import of metal products was valued at US$ million in 2004, of which, semi-manufactured aluminium supplied from the UAE constituted over 70.0%. Almost all the remaining portion came from Bahrain in the form of aluminium ingots, sheets, plates and in various other forms.

4 4 SUMMARY OF JAPAN S TRADE WITH GCC COUNTRIES Total trade between Japan and GCC countries (Value in million US $) UAE 14, , , S. Arabia 15, , , Qatar 5, , , Kuwait 5, , , Oman 2, , , Bahrain GCC Total 43, , , Japanese exports to the GCC countries (Value in million US $) UAE 2, , , S. Arabia 3, , , Oman , Kuwait , Qatar Bahrain GCC Total 9, , , Japanese imports from the GCC countries (Value in million US $) S. Arabia 11, , , UAE 11, , , Qatar 5, , , Kuwait 4, , , Oman 2, , , Bahrain GCC Total 34, , , Japan's trade surplus with GCC states (Value in million US $) S. Arabia -7, , , UAE -8, , , Qatar -4, , , Kuwait -3, , , Oman -1, , Bahrain GCC Total -25, , , Source: Japan External Trade Statistics Compiled by JETRO Dubai

5 5 JAPAN'S EXPORTS TO THE GCC COUNTRIES IN 2004 (Value in million US $) Category GCC Total UAE S. Arabia Qatar Kuwait Oman Bahrain Total 11, , , , Transport equipment 6, , , General machinery (other than electric) 1, Electrical machinery 1, Products classified by material: other Iron & steel, semi-manufactured Textiles Miscellaneous manufactured articles Special commodities Precision instruments Chemicals Non-metallic mineral products Manufacturers of metals Non-ferrous metals Foodstuff Raw-materials Coal & Coal products Petroleum & petroleum products JAPAN'S IMPORTS FROM THE GCC COUNTRIES DURING THE YEAR 2004 (Value in million US $) Category GCC Total UAE S. Arabia Qatar Kuwait Oman Bahrain Total 52, , , , , , Petroleum etc. (crude) 39, , , , , , Light oils and preparations 3, , , , Liquefied natural gas 3, , , Liquefied propane 3, , Liquefied butane 1, Chemicals Metal Products o Other petroleum (Exc. Crude) & preparations Raw materials Food intended for use in aircraft stores Foodstuff, animal or vegetable products Coal & Coal products Non-metallic mineral products Miscellaneous manufactured articles Textiles Machinery & equipment Others Source: Japan External Trade Statistics JETRO NATS System Discrepancies in the total are due to rounding