Saudi Arabia's Non-Oil Exports to Africa Exceed $34B Over Five Years

Saudi Arabia's Non-Oil Exports to Africa Exceed $34B Over Five Years

By Staff Writer, 15 February 2024

In the midst of global economic expansion and increasing international collaboration, Saudi Arabia is solidifying its position as a key player in global trade, witnessing a remarkable surge in its economic prowess.

In this dynamic landscape, the African market emerges as a crucial destination for Saudi non-oil exports, presenting evident economic opportunities and fostering promising trade relationships.

According to reports from SPA, the value of Saudi non-oil goods exported to Africa between 2019 and 2023 surpassed SAR128 billion ($34.1 billion), with the chemicals and polymers sector leading the pack, tallying exports exceeding SAR83 billion ($22 billion).

Following closely behind, the construction-materials sector boasted exports exceeding SAR10 billion, with the packaging sector not far behind, reaching over SAR9 billion. Key exported products included polypropylene, polyethylene, and fertilizers, with Egypt, Algeria, South Africa, Morocco, Sudan, Kenya, and Nigeria prominently featuring among the 55 African countries importing Saudi products.

The report emphasizes the deep-rooted and robust strategic, commercial, and economic relations between Saudi Arabia and Africa. As the largest economy in the Middle East and North Africa and the fastest-growing economy in the G20 in 2022, Saudi Arabia sees immense potential in strengthening ties with Africa, a continent boasting significant strategic, economic, and human resource assets.

Recognizing this potential, the Saudi Exports Development Authority (Saudi Exports) is proactively engaging with the African continent, tailoring its efforts to meet the diverse needs and future aspirations of its markets.

Through organizing trade missions to key African countries and participating in specialized international exhibitions across the continent, Saudi Exports aims to facilitate business matching meetings and enable Saudi companies to showcase their products and services, fostering mutually beneficial commercial relationships.

Looking ahead, Saudi Exports is gearing up to participate in notable exhibitions in Africa, including the African Food Exhibition 2024, the International Exhibition for Processing and Packaging in the Middle East and Africa 2024 in Egypt, Buildexpo Africa - Kenya 2024, and Gitex Africa in Morocco, among others.

Source: TradeArabia

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