Saudi car imports hit SR77bn
Saudi car imports hit SR77bn
At the average, the Kingdom imported 679,000 cars per year during in the last seven years (2005-2012), at the annual growth rate of 9.5 percent, the report said.
The SIDF’s annual report, which dealt with the future of car industry in the Kingdom and its impact on the national economy, cited a number of reasons for the growing demand on cars, including big population growth that stands at 3.7 percent per year, enormous purchasing power and young category of Saudi community, which represents 21 percent of the total population.
The Kingdom is considered a major car and spare parts re-export hub in the region thanks to its outstanding geographical position, the report said.
The value of car and spare part re-exports for the year 2012 hit nearly SR6 billion, or at annual growth rate of 13 percent for the period 2005-2012, which makes it a core for the entry of Saudi auto products into nearby markets, according to the report.
The Kingdom has strong industrial and infrastructure base, which is a key stimulus to set up car industry in the Kingdom taking into consideration its experiences on the manufacture of vehicles or parts or assembling certain buses, fire fighting, ambulance, or hydraulic cleaning vehicles in addition to spare parts, metal frames, gear boxes, filters, radiators, exhausts, tires, batteries, auto class, the report said.
Based on data released by the Ministry of Commerce and Industry, there are more than 251 plants engaged in assembling vehicles and related industries with investments valued at SR7 billion employing more than 27,000 workers. Of the above figure, the SIDF-funded plants stood at 65 projects at the value of SR1.5 billion by the end of 2012, the report said.
China sorghum imports jump after Beijing dropped probe into US shipments: Customs
- China brought in 450,000 tons of sorghum in June, up from last year’s 324,301 tons
- Corn buyers, meanwhile, scooped up cargoes on worries over the return of US-China trade policy tit-for-tat amid high domestic prices
BEIJING: China’s sorghum imports in June surged 38.1 percent on year, boosted by a temporary easing of Sino-US trade tensions, while corn imports for the month rose to one of highest levels in the past decade, customs data showed on Monday.
China brought in 450,000 tons of sorghum in June, up from last year’s 324,301 tons. Volumes were still down slightly from 470,000 tons in May, data from the General Administration of Customs showed.
Beijing announced in mid-April that importers of sorghum from the United States would have to put up a 178.6 percent deposit on the value of shipments. Several cargoes already on the way changed course and were diverted to other markets.
A month later in a goodwill measure, however, China dropped the deposit and an anti-dumping probe into US sorghum imports as the two sides appeared to be reaching consensus on resolving trade issues.
“Some cargoes were already on the way to China when Beijing dropped the deposit. Then they cleared customs in weeks after. That should have pushed up the June volumes,” said Cherry Zhang, an analyst with Shanghai JC Intelligent Co. Ltd, before the data release.
Corn buyers, meanwhile, scooped up cargoes on worries over the return of US-China trade policy tit-for-tat amid high domestic prices.
Corn imports in June hit 520,000 tons, up 34.6 percent from a year ago and the second highest since July last year. The figures were down from 760,000 tons in May, the data showed.
The corn imports in the first six months tripled to 2.21 million tons, already close to China’s total 2017 purchase of 2.82 million tons of the grain, according to the data.
“There were margins importing corn as domestic corn prices were relatively high. And buyers were buying more corn in recent couple of months to prepare for the Sino-US trade tension in advance,” said Meng Jinhui, an analyst with Shengda Futures.
UScorn and sorghum shipments to China should drop significantly in July and August, analysts and traders said, as Beijing imposed a 25 percent tariff on US grains on July 6.
China buys almost all its sorghum imports from the United States.
In the first half of this year, China has brought in 3.25 million tons of sorghum, up 8.7 percent from the same period of 2017, the data showed.
China also brought in 590,000 tons of barley in June, down 5.6 percent from a year ago. Barley imports for the first half of the year were at 4.4 million tons, down 2.7 percent.
Wheat imports were at 310,000 tons in June, down 33.6 percent from a year ago. Wheat imports for the first half were at 1.95 million tons, down 26.4 percent, the data showed.
China bought 280,000 tons of sugar and 98,566 tons of pork in June. In the first half of the year, China’s sugar imports were at 1.38 million tons, and shipments of pork were at 647,985 tons, both down from last year’s levels.