Middle East: Trade growth dynamics – Standard Chartered

FXStreet Insights Team FXStreet

Middle East trade is experiencing significant growth, projected to increase by 15% compared to 9% globally from 2021 to 2024. Asia is expected to dominate this trade corridor, expanding from USD 0.9 trillion in 2024 to USD 1.5 trillion by 2030. Additionally, GCC-Africa trade is anticipated to double to USD 260 billion by 2030, report Standard Chartered Bank analysts.

Rapid growth in Middle East trade

"Middle East (ME) trade is gaining rapidly, growing 15% vs 9% global growth in 2021-24 as supply chains fragment and reroute through the region."

"Asia is the dominant and most scalable trade corridor and looks set to expand from USD 0.9tn in 2024 to USD 1.5tn by 2030."

"Africa is the fastest-growing corridor from a low base; we project GCC-Africa trade will double to USD 260bn by 2030."

"Trade growth is increasingly import-led, with non-oil imports outpacing exports across major partners."

"GCC drives over 80% of ME trade, with the UAE scaling flows as the region’s hub and Saudi anchoring demand and industrial exports."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro clings to the bid bias above 1.1500

EUR/USD has picked up pace, reversing Monday’s decline and advancing past the 1.1500 barrier on Tuesday. In the meantime, hopes for a diplomatic solution to the Middle East crisis keep the US Dollar under modest downside pressure, helping spot in its recovery.

Coinbase Bitcoin Premium Index extends historical negative streak as risk appetite deteriorates

The Coinbase Bitcoin Premium Index extends its negative streak to 78 consecutive days on Tuesday, the longest on record. This reading comes amid the ongoing bearish trend, which has seen Bitcoin (BTC) drop by almost 50% from its record high to trade around $64,000.

Why the WTI sell-off may be hiding a supply warning

Prices for the barrel of the American Oil benchmark have fallen sharply as hopes of a US-Iran agreement have resurfaced, but a deeply backwardated Oil curve, tight Cushing stocks and light speculative positioning all warn that the sell-off may have gone too far.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.