Saudi nonoil exports down 19% to SR15.7 billion in March

Updated 16 May 2015

Saudi nonoil exports down 19% to SR15.7 billion in March

Saudi nonoil exports dropped by 19.4 percent in March, 2015, to reach SR15.7 billion compared to the figures of the same period last year, according to a report released by the Central Department of Statistics and Information (CDSI).
Meanwhile, Saudi imports increased by 2.8 percent to SR55.6 billion compared to the figures of the same period last year, the CDSI report, quoted by local media, said.
Plastic products topped the Kingdom’s list of exports in March and registered 32.14 percent of nonoil exports valued at more than SR5 billion, the report said.
Petrochemical products ranked second in nonoil exports valued at more than SR4 billion, or 26.21 percent, followed by ordinary metals and products by 9.15 percent, or SR1.4 billion, of the total value of exports.
Equipment, machinery and electrical utensils captured the highest value of Saudi imports in March (2015) at SR14.9 billion, or 26.86 percent of the total value of imports, followed by transport materials at the value of SR9.5 billion, or 17.13 percent, and ordinary metals and their products at SR5.4 billion, or 9.83 percent, the report added.
The UAE topped the list of major importers of Saudi nonoil products by 10.68 percent of the total value of exports in March, followed by China at 10.05 percent and India at 7.32 percent, the report said.
In the same month, China remained the biggest exporter to the Kingdom and captured 13.99 percent of the total Saudi imports, followed by the United States at 12.22 percent and Germany at 6.90 percent, the report said.

Saudi business chiefs back 2020 budget

Updated 8 min 22 sec ago

Saudi business chiefs back 2020 budget

  • 2020 spending plan hailed as a positive driver in boosting country’s economy

RIYADH: Saudi businesses have welcomed spending plans of SR1.02 trillion ($272 billion) next year, announced by King Salman.

The Council of Saudi Chambers praised the efforts of the monarch, Crown Prince Mohammed bin Salman and others in reaching an agreement on the 2020 budget.

The government has predicted revenues of SR833 billion and a deficit of SR187 billion for next year, considered an indicator of the success of the Kingdom’s economic policies amid a bleak global economic backdrop.

Chairman of the Council of Saudi Chambers Dr. Sami Abdullah Al-Abaidi said that the Saudi business sector was optimistic about the new spending plans.

“These figures reflect the effective impact of the economic reform measures, the economy’s restructuring and diversification of sources of income,” he added.

Al-Abaidi praised the king and the crown prince for supporting the Saudi economy through numerous projects and initiatives aimed at boosting the business sector.

He said the most notable were business performance improvement initiatives, privatization, private-sector stimulation and local promotion programs.

“This has paved the way for the Kingdom to get the best international classifications, including its first world ranking in business environment reforms, which made it a hub for investments,” Al-Abaidi added.

The business chief reiterated King Salman’s determination to continue implementing reforms, diversifying sources of income, making optimal use of resources, empowering the private sector, and improving transparency and efficiency in government spending to boost growth rates.

“These trends are one of the most important requirements for achieving the Kingdom’s Vision 2030,” he said.

The council’s vice chairman, Muneer bin Saad, said the budget for the new year focused on investing in the human element and sectors that directly affected the lives of citizens, including the development of services.

Saad added the monarch had directed to extend the disbursement of the cost of living allowance until the end of 2020.

Council member Abdullah Al-Odaim said the budget met the expectations of Saudi citizens, and strengthened the confidence of international investors, as figures showed the determination of the state to move forward in its policies to raise the efficiency of government spending.

They also showed increases in non-oil revenues, projected to grow more in light of the improvement of economic activity.

The delegated secretary-general of the Council of Saudi Chambers, Hussain Al-Abdulqader, said the Saudi business sector welcomed the budget which through
its projects and programs would help improve investment opportunities as well as the Saudi economy, ultimately strengthening the Kingdom’s global economic standing.