COMCEC Trade Outlook 2018
39
Trade Openness in the OIC
One of the most common measure of openness is to evaluate the ratio of trade (the sum of value
of exports and imports of goods) to the gross domestic product (GDP). This could be interpreted
as the relative importance of trade to the economy.
The trade to GDP ratio in total OIC decreased from62.7 per cent in 2005 to 50.0 per cent in 2017.
Although openness ratio fell significantly in the aftermath of the global crisis both in developing
and developed countries, it increased modestly in 2017.
Figure 49: Evolution of the Openness Ratio
Source: UNCTADSTAT
Figure 50 shows top ten countries having the lowest and highest trade to GDP ratios in 2017.
United Arab Emirates had the highest share of trade in GDP with 142.5 per cent while Sudan,
Yemen and Comoros with a trade to GDP ratio ranged between 11 to 19 per cent had the lowest
openness ratios.
Figure 50: Member States Having the Lowest and Highest Openness Ratios in 2017
Source: UNCTADSTAT
0
10
20
30
40
50
60
70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Per cent
Developing economies Developed economies OIC
0
5
10
15
20
25
30
35
Per cent
Member States Having the Lowest Openness Ratio
0
20
40
60
80
100
120
140
Per cent
Member States Having the Highest Openness Ratio