Saudi Arabia's Foreign Trade Increases 40% in Last Year to Reach US$807 Billion

Saudi Arabia's Foreign Trade Increases 40% in Last Year to Reach US$807 Billion

Exports of non-oil goods increased by 14% to reach US$85.32 billion

The Kingdom of Saudi Arabia has seen a massive boost to its global trading activities in the last year. The Ministry of Commerce, Saudi Arabia has revealed that the foreign trade of goods increased in one year to reach US$702 billion, marking a 40% year-on-year increase.

Exports of non-oil goods increased by 14% to reach US$85.32 billion, while service exports grew by 236% to reach US$35.1 billion.

In other intiatives 10 Saudi foreign business councils were formed to enhance trade and investment exchange between the Kingdom and its international partners.

In the last year, Saudi Arabia concluded free trade agreements (FTA) between the Gulf Cooperation Council (GCC) countries. FTAs were also signed with Pakistan and South Korea.

The Kingdom has adopted the executive regulations for the Trade Remedies Law in international trade and conducted anti-dumping investigations against several imports to protect local industries.

Further, Saudi Arabia has launched an electronic system platform to manage trade remedy cases, holding 30 workshops for the public and private sectors to explain the Trade Remedies Law and its executive regulations.

Read More: Saudi Global Ports Expands Capacity at King Abdulaziz Port Dammam

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