Saudi Arabia’s Re-Exports Hit SAR 61 Billion in 2024, Growing by 23%
Saudi Arabia's Re-Exports Hit SAR 61 Billion in 2024, Growing by 23%. SPA
Riyadh: Saudi Arabia’s re-exports surged to SAR 61 billion in 2024, reflecting a 23% growth compared to last year, according to Minister of Industry and Mineral Resources Bandar Alkhorayef. This achievement highlights the Kingdom’s growing role in global trade and logistics.
Strong Infrastructure and Logistics Drive Growth
Minister Alkhorayef attributed the growth to Saudi Arabia’s strong infrastructure and rapid advancements in logistics services. He praised the collaboration between various government entities for creating an integrated approach that supports the supply chain sector.
Speaking at the 6th Supply Chain and Logistics Conference in Riyadh, the minister emphasized the importance of logistics in achieving the goals of Vision 2030, which aims to strengthen Saudi Arabia’s global competitiveness.
Boosting Global Market Access
The minister highlighted that improved logistics and supply chains are helping Saudi industries access global markets more efficiently. This not only reduces costs for investors but also attracts world-class investments to the Kingdom.
He noted that Saudi Arabia’s strategic location—connecting Asia, Europe, and Africa—along with its abundant resources, affordable energy, and advanced technology, makes it a prime destination for global companies. The nation’s digital infrastructure, one of the largest investments globally, further enhances its attractiveness.
Saudi Arabia’s Role in Global Trade
Saudi Arabia is positioning itself as a key hub for exports in sectors like automotive, food, shipping, pharmaceuticals, and consumer products. The minister emphasized that industrial investors are not just catering to local demand but are also aiming to export products regionally and globally.
Growth in Mining and Petrochemicals
The minister also highlighted significant growth in Saudi Arabia’s mining and petrochemical sectors:
- Mining Exports: Saudi Mining Company “Ma’aden” exported products worth SAR 7 billion, making the Kingdom the fourth-largest phosphate exporter globally.
- Petrochemicals: Jubail Industrial City now accounts for 6% of global petrochemical production.
Infrastructure projects, such as the connection between Wa’ad Al-Shamal, Ras Al-Khair, and Jubail Industrial City, have driven growth in these sectors.
International Mining Conference 2024
Minister Alkhorayef announced that Saudi Arabia will host the International Mining Conference in January 2024. The event will gather global experts to address opportunities and challenges in the mining sector. He affirmed that Saudi Arabia’s short-term strategy has already established the country as a key player in the global mining industry.
Conclusion
Saudi Arabia’s growing re-export market, along with its strategic focus on logistics, mining, and petrochemicals, demonstrates the nation’s progress toward becoming a global trade and logistics leader. With its robust infrastructure, abundant resources, and investment-friendly environment, the Kingdom is poised to attract more global investments and enhance its role in international supply chains.
