Saudi Arabia’s international commerce grows to $172 billion in a 12 months

by ADeeL

JAIPUR — Saudi Minister of Commerce and Chairman of the Board of Administrators of the Normal Authority of Overseas Commerce, Dr. Majid Al-Qasabi, stated that the expansion of the Kingdom’s international commerce in a 12 months amounted to $172 billion.

He made his remarks on the G20 Commerce and Funding Ministers’ assembly, which was held on 24-25 August 2023 in Jaipur, India.

Throughout the session on “Commerce for Development and Prosperity, and WTO Reforms,” he reviewed the impression of reforms on the Saudi economic system in mild of the Kingdom’s Imaginative and prescient 2030, which launched vital initiatives to extend the mixing of the Saudi economic system regionally and globally. He stated that the amount of non-oil exports grew by 40% between 2018-2022, amounting to $28.7 billion, whereas the worth of loans supplied by the Saudi Export-Import Financial institution stood at $4.6 billion.

The minister added that the overall variety of small and medium enterprises within the Kingdom has reached 1.2 million, offering 80% of the roles, and the annual development of e-commerce reached 33% between 2016-2022.

Dr. Al-Qasabi confused that the Kingdom made main good points because of the reforms it has undertaken in the course of the previous years and mirrored in enhancing its competitiveness, because it ranked second among the many G20 nations in digital competitiveness, as per the Digital Riser 2021 report and ranked sixth amongst 50 rising nations within the “Agility” index for rising markets for the 12 months 2022.

The minister additionally stated that the Kingdom ranked seventeenth amongst 64 nations within the World Competitiveness Yearbook (IMD) report for 2023 and thirty eighth out of 138 per the Logistics Efficiency Index for 2023. — SG

This 12 months’s G20 conferences are hosted in India underneath thetheme “One Earth, One Household, One Future” to construct a powerful and developed international economic system.

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