Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022
The GASTAT report noted that the Kingdom’s oil exports soared by 61.8 percent in 2022 to SR1.22 trillion, compared to SR758.1 billion in the previous year. (Shutterstock) 
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Updated 31 May 2023
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Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

RIYADH: Saudi Arabia’s merchandise exports increased 48.9 percent year on year in 2022 to hit SR1.54 trillion ($410 billion), driven by a rise in oil exports, according to the latest report released by General Authority for Statistics.  
The GASTAT report noted that the Kingdom’s oil exports soared 61.8 percent in 2022 to SR1.22 trillion, compared to SR758.1 billion in the previous year.  
The report further noted that the share of oil exports in total exports increased from 73.2 percent in 2021 to 79.5 percent in 2022.    
Reflecting the progress of Saudi Arabia’s economic diversification journey, the Kingdom’s non-oil exports and re-exports increased 13.7 percent in 2022 to SR315.7 billion from SR277.5 billion in 2021. 
Its non-oil exports, excluding re-exports, also rose by 14.8 percent in 2022 compared to the previous year.  
According to the report, the most important non-oil export goods in 2022 were chemicals and allied products, accounting for 35.8 percent of the total exports. 
The GASTAT report added that the Kingdom’s merchandise imports rose 24.2 percent in 2022 to SR712 billion, compared to SR573.2 billion in the previous year.  
China remained Saudi Arabia’s most active trading partner in 2022, as the Kingdom’s exports to the Asian giant amounted to SR249.9 billion or 16.2 percent of total exports.  
China was closely followed by India and Japan with SR157.2 billion and SR152.9 billion of the total exports, respectively.  
South Korea, the US, the UAE, Egypt, Taiwan, Singapore and Bahrain were the other countries that ranked in the top 10 destinations for Saudi Arabia’s exports. 
Exports of the Kingdom to these countries amounted to SR1.02 trillion, accounting for 66.2 percent of total exports, added GASTAT in the report.  
On the other hand, imports from China amounted to SR149.3 billion in 2022, followed by the US and the UAE with SR65 billion and SR45.1 billion, respectively.  
India, Germany, Japan, Egypt, South Korea, Italy and Switzerland were the other countries that ranked in the top 10 countries for imports. 
Imports of Saudi Arabia from these countries amounted to SR435.8 billion, accounting for 61.2 percent of total imports. 
The report revealed that the Jeddah Islamic Port topped the list of ports through which goods reached the Kingdom in 2022 at a value of SR195.6 billion, corresponding to 27.5 percent of the total imports. 


Saudi Arabia’s 2024 budget set to aid the Kingdom’s successful trajectory, says finance minister

Saudi Arabia’s 2024 budget set to aid the Kingdom’s successful trajectory, says finance minister
Updated 33 min 22 sec ago
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Saudi Arabia’s 2024 budget set to aid the Kingdom’s successful trajectory, says finance minister

Saudi Arabia’s 2024 budget set to aid the Kingdom’s successful trajectory, says finance minister

RIYADH: Saudi Arabia’s 2024 budget is set to sustain the Kingdom’s economic positive momentum, with an emphasis on strategic spending on capital projects aligned with approved national strategies, according to the Minister of Finance.

In a statement following the 2024 budget approval, Mohammed Al-Jadaan highlighted the success of the ongoing economic transformation spearheaded by the government of the Kingdom.

The 2024 budget, according to the minister, is poised to continue the trajectory of success, aligning with the national strategies closely linked to the goals outlined in Saudi Vision 2030 and national priorities, reinforcing the commitment to long-term sustainable development.

The minister said: “The government is working on continuing borrowing according to the approved annual borrowing plan to finance the expected budget deficit and repay the outstanding debt by the year 2024.”

The government’s dedication to economic diversification and private sector empowerment takes center stage in its initiatives. Programs and projects with significant economic and social returns are being implemented, coupled with efforts to improve the business environment and eliminate obstacles, creating an attractive landscape for local and international investors.

Since the inception of Saudi Vision 2030, the country has undergone considerable economic and structural reforms, resulting in notable improvements in financial and economic indicators. The journey toward economic diversification and financial stability has been accelerated through these reforms.

Highlighting the pivotal role of the Saudi citizens in the nation’s development, Al-Jadaan emphasized their contribution, saying: “The Saudi citizen plays a vital role in achieving comprehensive and sustainable economic development, as well as in accomplishing progress in various promising fields and sectors.”

The minister underscored the government’s commitment to social welfare through its ongoing efforts to conduct regular reviews of social support and benefit system initiatives to enhance these programs continually, ensuring access for the intended target groups and fostering an environment of inclusivity.

As Saudi Arabia charts its course into 2024, the government remains steadfast in its commitment to building a robust and diversified economy that not only meets the goals of Saudi Vision 2030 but also ensures a sustainable and prosperous future for its citizens.


Crown prince affirms government’s commitment to enhance economic growth

Crown prince affirms government’s commitment to enhance economic growth
Updated 06 December 2023
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Crown prince affirms government’s commitment to enhance economic growth

Crown prince affirms government’s commitment to enhance economic growth

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman affirmed the government’s commitment to enhance economic growth through the expansion of government spending as reflected in budget 2024 on Wednesday, the Saudi Press Agency reported.

He said the budget announced by King Salman will help support various ongoing programs and initiatives to improve the Kingdom’s investment environment, strengthen infrastructure, and raise the quality of services provided to citizens, residents, and visitors to the country.

The crown prince said the budget seeks to develop promising economic sectors by stimulating the Kingdom’s industrial sector with a focus on increasing the local content and boosting non-oil exports.

He praised the role of the Public Investment Fund and the National Development Fund in helping diversify the Kingdom’s economy away from oil through major investments in different economic sectors.

Crown Prince Mohammed bin Salman also noted the achievements of the Kingdom in various sectors since the launching of Vision 2030 and the government’s efforts to introduce structural reforms in the financial sector.

The crown prince stressed the importance of strengthening partnerships with the private sector to achieve the goal of economic diversification and increasing job opportunities for the Saudi workforce.

The number of Saudi workforce in the labor market has reached 2.3 million this year, the Saudi Press Agency reported.

He also highlighted the role of the tourism and sports sectors in the Kingdom’s efforts to diversify its economy.

The crown prince expressed the government’s determination to continue with its efforts to increase the Kingdom’s attractiveness as an economic and investment hub for local and foreign investors.


Saudi Arabia set to lead global drive for digital sustainability with new e-waste initiative

Saudi Arabia set to lead global drive for digital sustainability with new e-waste initiative
Updated 06 December 2023
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Saudi Arabia set to lead global drive for digital sustainability with new e-waste initiative

Saudi Arabia set to lead global drive for digital sustainability with new e-waste initiative

RIYADH: Saudi Arabia is poised to spearhead the global drive for digital sustainability through a new e-waste initiative aimed at implementing comprehensive regulations in Zambia, Rwanda and Paraguay. 

The Kingdom’s Communications, Space and Technology Commission, in collaboration with the International Telecommunication Union, launched the new “Developing E-Waste Management Regulations” initiative during COP28 in Dubai. 

The initiative will focus on expediting the shift to green practices by introducing robust regulations that foster a circular economy, according to the statement. 

E-waste has become a pressing concern globally, with 54 million tons generated annually, of which only 17 percent is currently recycled. 

The announcement was made in the presence of key dignitaries, including CST Governor Mohammed Al-Tamimi and Deputy Secretary-General of the ITU Tomas Lamanauskas.  

Representatives from the beneficiary countries also participated in the event, signaling a unified global effort to address the mounting challenge of e-waste. 

Al-Tamimi expressed the Kingdom’s determination to offer innovative solutions for managing e-waste and reducing its environmental impact. The initiative seeks to contribute to the global drive towards a circular economy, promoting responsible consumption and sustainable waste management practices. 

Lamanauskas commended the critical role of strong regulations and legislation in addressing e-waste challenges across both private and public sectors.  

He emphasized transitioning to a circular economy emerging as a top solution to combat the adverse effects of e-waste on the environment.  

Lamanauskas also urged regulators worldwide to adopt and implement similar regulations to expedite the adoption of green practices. 

CST’s participation in COP28 reflects Saudi Arabia’s commitment to spearheading global initiatives for digital sustainability.  

The Kingdom’s ongoing efforts align with its broader transformation towards a circular economy, marked by qualitative initiatives aimed at raising awareness and advocating best technology practices for a sustainable future and society. 

As the new initiative gains momentum, stakeholders anticipate positive outcomes in the global fight against e-waste, setting an example for other nations to follow suit in adopting environmentally responsible practices. 


Global central banks maintain gold buying momentum in October: World Gold Council

Global central banks maintain gold buying momentum in October: World Gold Council
Updated 06 December 2023
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Global central banks maintain gold buying momentum in October: World Gold Council

Global central banks maintain gold buying momentum in October: World Gold Council

RIYADH: Central banks worldwide amassed 42 tons of gold into their official reserves in October, continuing their acquisition of the precious metal, the latest data showed. 

According to the World Gold Council, central banks witnessed a 41 percent slowdown in gold buying in October compared to September. However, it still maintained a 23 percent increase above the January-September monthly average of 24 tons. 

In September, central banks added 72 tons of gold to their reserves.

The People’s Bank of China continued its trend as the largest purchaser of gold in October, adding 23 tons to its reserves.  

This marked the twelfth consecutive monthly addition, bringing the year-to-date purchase of gold by PBoC to 204 tons, with its overall reserves reaching 2,215 tons.  

However, this reported increase still constitutes just 4 percent of PBoC’s total international reserves.

The Central Bank of Turkey significantly boosted its official gold reserves in October by purchasing 19 tons, bringing the total to 498 tons.  

Similarly, the National Bank of Poland continued its buying spree, adding 6 more tons to its reserves, totaling an increase of over 100 tons for the year, reaching 340 tons.

In October, the Reserve Bank of India acquired 3 tons of gold, and the Czech National Bank purchased 2 tons.  

Additionally, the National Bank of the Kyrgyz Republic and the Qatar Central Bank each bought 1 ton of gold during the month, as per the WGC.

Meanwhile, gold prices saw a slight increase, with spot gold rising 0.2 percent to $2,023.62 per ounce, and US gold futures gaining 0.3 percent to $2,041.60 by 03:47 p.m. Saudi time on Wednesday.

“While gold may draw support from speculation around the Fed cutting rates, it may take a fresh fundamental spark to re-ignite the bullish rally. This could come in the form of the highly anticipated US jobs report on Friday,” said FXTM Senior Research Analyst Lukman Otunuga, Reuters reported. 


Saudi budget 2024: GDP to grow at 4.4% with revenues estimated at $312.5bn

Saudi budget 2024: GDP to grow at 4.4% with revenues estimated at $312.5bn
Updated 38 min 6 sec ago
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Saudi budget 2024: GDP to grow at 4.4% with revenues estimated at $312.5bn

Saudi budget 2024: GDP to grow at 4.4% with revenues estimated at $312.5bn

RIYADH: Saudi Arabia on Wednesday approved the state budget for 2024 with revenues projected at SR1.17 trillion ($312.48 billion) and expenditure at SR1.25 trillion, leading to a deficit of SR79 billion.

In its announcement, the Finance Ministry projected the Kingdom’s gross domestic product growth at 4.4 percent in 2024 revised up from the estimated 0.03 percent in 2023.

It forecast the Kingdom’s public debt for the next fiscal to stand at SR1.103 trillion or 25.9 percent of GDP.

According to the ministry, the Kingdom’s budget deficit arises from increased spending to expedite the implementation of key programs vital to the objectives of Saudi Vision 2030.

Despite this, the economy remains robust, supported by substantial fiscal space, strong government reserves, and sustainable debt levels. Moreover, The Kingdom’s strong fiscal position and high sovereign credit rating provide spending flexibility crucial to the country’s commitment to economic development, it said.

Positive indicators include sustained GDP growth, improved non-oil sector performance, a growing labor force, modest inflation rates, and a declining unemployment rate.

The positive outlook for the Saudi economy in 2024 is attributed to favorable developments in the first half of 2023. Revised estimates suggest a robust 4.4 percent growth in real GDP for FY 2024, primarily fueled by non-oil activities.