{"id":18355,"date":"2019-02-27T15:45:22","date_gmt":"2019-02-27T15:45:22","guid":{"rendered":"https:\/\/www.tradefinanceglobal.com\/?post_type=imports&p=18355"},"modified":"2024-08-05T13:05:50","modified_gmt":"2024-08-05T13:05:50","slug":"saudi-arabia","status":"publish","type":"imports","link":"https:\/\/www.tradefinanceglobal.com\/imports\/saudi-arabia\/","title":{"rendered":"Importing from Saudi Arabia"},"content":{"rendered":"\n
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\n Importing from Saudi Arabia <\/h2>\n
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Last updated on 05 Aug 2024<\/div>\n
27 Feb 2019 . 2 min read<\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n
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Saudi Arabia Quick Links<\/h4>\n <\/div>\n
\n \n Importing from Saudi Arabia <\/a>\n \n Exporting to Saudi Arabia <\/a>\n \n Saudi Export Development Authority | Export Credit Agency (ECA) in Saudi Arabia <\/a>\n \n Saudi Arabia Export Program (SEP) | Export Credit Agency (ECA) in Saudi Arabia <\/a>\n <\/div>\n<\/div>\n\n\n

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Top 5 Export Partners<\/h4>\n <\/div>\n
\n \n Exports to Singapore <\/a>\n \n Exports to India <\/a>\n \n Exports to United Arab Emirates <\/a>\n <\/div>\n<\/div><\/div>\n\n\n\n
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Saudi Arabia Country Profile<\/h3>\n

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Official Name (Local Language) Al Mamlakah al Arabiyah as Suudiyah<\/strong><\/p>\n

Capital Riyadh<\/strong><\/p>\n

Population 28,160,273<\/strong><\/p>\n

Currency Saudi Riyal<\/strong><\/p>\n

GDP\u00a0$637.8 billion<\/strong><\/p>\n

Languages Arabic<\/strong><\/p>\n

Phone Dial In 966<\/strong><\/p>\n<\/div><\/div>\n\n\n\n

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Saudi Arabia Exports Profile<\/h3>\n

Exports ($m USD) 207,572<\/strong><\/p>\n

Number of Export Products 3,352<\/strong><\/p>\n

Number of Export Partners 162<\/strong><\/p>\n

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Saudi Arabia Economic Statistics<\/h2>\n\n\n\n





Government Website<\/strong><\/td>		https:\/\/www.saudi.gov.sa\/<\/a><\/td><\/tr>
Sovereign Ratings<\/strong><\/td>https:\/\/countryeconomy.com\/ratings\/saudi-arabia<\/a><\/td><\/tr>
Central Bank<\/strong><\/td>Saudi Arabian Monetary Authority<\/td><\/tr>
Currency USD Exchange Rate<\/strong><\/td>3.75<\/td><\/tr>
Unemployment Rate<\/strong><\/td>11.2%<\/td><\/tr>
Population below poverty line<\/strong><\/td>NA<\/td><\/tr>
Inflation Rate<\/strong><\/td>4.4<\/td><\/tr>
Prime Lending Rate<\/strong><\/td>2.5%<\/td><\/tr>
GDP<\/strong><\/td>$637.8 billion<\/td><\/tr>
GDP Pro Capita (PPP)<\/strong><\/td>$54,100<\/td><\/tr>
Currency Name<\/strong><\/td>Saudi Riyal
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Currency Code<\/strong><\/td>SAR<\/td><\/tr>
World Bank Classification<\/strong><\/td>High Income
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Competitive Industrial Performance<\/strong><\/td>29\/138
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Corruption Perceptions Index<\/strong><\/td>57\/180
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Ease of Doing Business<\/strong><\/td>92\/190
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Enabling Trade Index<\/strong><\/td>67\/136<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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Silvia Andreoletti<\/div>\n
\n Silvia is a Reporter at Trade Finance Global. She is also currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations. <\/div>\n
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\n Access trade, receivables and supply chain finance <\/h4>\n

We assist companies to access trade and receivables finance through our relationships with 270+ banks, funds and alternative finance houses.<\/p>\n \n Get Started<\/span>\n <\/a>\n<\/div><\/div>\n\n\n\n

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Importing from Saudi Arabia<\/h2>\n\n\n\n

Saudi Arabia is the largest economy in the Middle East and the richest Arab country, as well as the fifth largest export economy in the world. Saudi Arabia\u2019s main export is oil, which makes up about 80% of all export value; other significant exports are chemical products, mainly fertilisers, and plastics. Its economy is almost entirely based on oil: it is the world\u2019s main producer and exporter of petroleum products, and acts as the second largest oil producer after Russia. It has a sizable and steady trade surplus, but growth has been slowly decreasing due to oil production cuts in recent years. However, the government\u2019s focus on diversification is paying off, with steady non-oil growth driven by the healthcare, insurance, and tourism industries. <\/p>\n\n\n\n

The government has been focused on fostering non-oil development, and has enacted a number of business-friendly measures as a result, including a new set of laws that protect investors\u2019 rights and reduce the cost of doing business. Its ambitious development program, Vision 2030, includes measures to make the economy more environmentally friendly as well as boost the financial sector. Normalisation of relations with Iran in 2023 and growing cooperation and investment from China on the energy and infrastructure sectors could see it at odds with the West, perhaps antagonising traditional allies like the US. <\/p>\n\n\n\n

Saudi Arabia is ruled by the King, Crown Prince, and Council of Ministers, and has Islam as the central religion and basis for all laws. Domestically, Saudi Arabia is one of the most stable countries in the region, with little internal unrest and no significant protests in recent memory. It consistently ranks well in Fragile States and political stability indexes and has a medium-low corruption score, making it one of the most attractive countries in the region for exporters and investors.<\/p>\n\n\n\n

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Importing from Saudi Arabia: What is trade finance?<\/h2>\n\n\n\n

Saudi Arabia is the largest economy in the Middle East and the richest Arab country. The policy of large-scale public works undertaken by the Government, as well as foreign direct investment and the soundness of the banking and \ufb01nancial system, have enabled the country to become the number one regional economy and one of the largest in the world. However, the economy of Saudi Arabia is almost entirely based on oil. GDP growth has been gradually declining since 2015 to a point where the economy moved into a recession in 2017 (-0.5%).<\/p>\n\n\n\n

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Chart Showing GDP Growth Compared to rest of world<\/h2>\n\n\n
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