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RIYAD: Saudi non-oil exports jumped 37% to a record SR 125.3 billion ($ 33.4 billion) in the first half of 2021, SPA reported.

Non-oil exports amounted to SR 91.7 billion in the first half of 2020.

They increased by 8% in quantity, equivalent to 34.7 million tonnes, suggesting a rebound in prices as volumes returned to normal.

Global trade collapsed last year as the COVID-19 pandemic forced much of the world to go on lockdown. However, trade has rebounded strongly this year and last week the WTO raised its forecast for growth in the volume of world merchandise trade to 10.8% in 2021 and 4.7% in 2022.

Saudi Arabia exported to 170 countries in the first half of the year, leading SR 17.0 billion of goods to the United Arab Emirates, followed by SR 16.8 billion to China and SR 7.1 billion to India.

The petrochemical sector was the largest source of exports with a value of SR 73.6 billion during the period, compared to SR 51.2 billion during the same period last year, an increase of SR 51.2 billion during the same period last year. 44%.

The H1 report follows data from the General Statistics Authority which showed that July’s non-oil exports increased 17.9 percent year-on-year to SR 20.8 billion.

The total export value stood at SR 91.8 billion in July 2021, up from RI 51.1 billion in July 2020, driven by a 112.1% increase in oil exports.

However, oil exports continued to dominate Saudi trade, with the share of crude rising from 65.5% in July 2020 to 77.4% in July 2021.

Saudi Arabia strives to increase non-oil exports as it seeks to reduce its dependence on oil sales with the goal of increasing the percentage of non-oil exports to 50% by 2030 and foreign direct investment 3.8% to an international average. 5.7 percent.

The Kingdom is in negotiations with 11 countries on a possible free trade agreement, including China, India, Pakistan, Australia, New Zealand, Great Britain, Indonesia, the Philippines, Bangladesh, Sri Lanka and the United States.

The Kingdom aims to export services such as transport, distribution, professional and financial services, communication services, postal services as well as express mail, media, hospitality, construction and procurement, education and training, travel and tourism, environment and entertainment.

In August, the Saudi Export Development Authority said more than 900 Saudi companies with more than 2,000 locally produced products had enrolled in the Kingdom’s “Made in Saudi” program, an initiative to boost the competitiveness of Saudi products in the world. country and abroad.

The program gives top priority to 16 different economic sectors, including chemicals and polymers, building materials, electronics and packaging.

In addition, the Saudi Exports Development Authority said in August that it would identify more than 120 international bidding opportunities in a number of target countries, mainly covering construction and industrial supplies and infrastructure projects.

That same month, the Saudi Export-Import Bank signed a memorandum of understanding with the Federation of Saudi Chambers to provide importers and exporters with loans and other financial services.

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