
- September 28, 2023
- By: Verger Group
- in: News
Saudi Arabia, also known as the Kingdom of Saudi Arabia, is a country in the Middle East. It covers the bulk of the Arabian Peninsula. It has a land area of about 830,000 sq. mi, making it the largest country in West Asia and the Middle East, the second largest in the Arab world, and the fifth-largest country in Asia.
With a population of 33.5 million people, of which 50% are below the age of 25 years, Saudi Arabia is a high-income economy. It is the only Arab country in the G20 major economies.
Saudi Arabia is an ever-growing economy spreading its wings in all directions. It demonstrates heavy competition and growth in sectors like Healthcare and Life Sciences, Industry and Manufacturing, Energy, Environmental Services, Real Estate, Chemicals, Information and Technology, Financial Services, Mining and Metals, Transport and Logistics, Pharma and Biotech, Tourism, Aerospace, and Defence.
Saudi Arabia total exports reached 28.9 billion USD in December 2022. The major trade partners of Saudi Arabia are China (33.4 billion USD), India (16.8 billion USD), Japan (16.3 billion USD), South Korea (14.4 billion USD), and UAE (9.21 billion USD).
The top exports of Saudi Arabia are as follows-
The Kingdom of Saudi Arabia imported products worth 16.6 billion USD in December 2022 compared to USD 152.3 billion in 2021.
Data shows that 67.7% of products imported to Saudi Arabia are from the following countries-
53.7% of the total imports to Saudi Arabia came from Asian countries, while European and North American trade partners supplied 26.1% and 11.9%, respectively. A chunk of the senses was also made from Africa (4.4%), Latin America (3.7%), and Australia (1.3%).
Imports jumped by 26.9% from last year to SAR 66.6 billion in January 2023. The significant implications have been machinery, mechanical appliances, electrical equipment, and transportation products.
Let us check the list-
Some of the most significant imports by Saudi Arabia are in the automobile area. Let’s check the list for the top ones-
In 2022, Saudi importers spent most on these items-
High-voltage fuses and batteries account for up to 48.8% of imports. Electric motors and generators come second with 32% of imports, while electric converters and power units make up 12.7% of the total implications to Saudi Arabia.
Petroleum gas and refined petroleum account for a large chunk of the imports to Saudi Arabia. Below is the list of substances-
With the ever-increasing Saudi market and better and smooth regulations for trade and commerce in Saudi Arabia, exporters and importers can benefit greatly. As a SASO-notified certification body, we can help you realize your import/export business in Saudi Arabia and make it a reality. We work with customers to issue mandatory certificates for their products so that your imports are smooth and risk-free.
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