Saudi Arabia’s foreign trade soars to $172 Billion in one year
Saudi Arabia’s Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade, Dr. Majid Al-Qasabi, has announced an impressive surge in the Kingdom’s foreign trade, with a remarkable increase of $172 billion over the course of a single year.
Addressing the G20 Trade and Investment Ministers’ meeting held on August 24-25, 2023, in Jaipur, India, Dr. Al-Qasabi discussed the phenomenal growth of the Saudi economy as a result of various reforms aligned with the Kingdom’s Vision 2030. Emphasizing the theme of “Trade for Growth and Prosperity, and WTO Reforms,” he highlighted the significant progress achieved through initiatives aimed at enhancing the integration of the Saudi economy both regionally and globally.
Notable achievements include a staggering 40% growth in non-oil exports, totaling $28.7 billion between 2018 and 2022. Additionally, the Saudi Export-Import Bank extended loans amounting to $4.6 billion, further facilitating economic expansion. The minister also underscored the pivotal role of small and medium enterprises (SMEs) in the Kingdom, numbering at 1.2 million and contributing to 80% of job opportunities. The realm of e-commerce experienced impressive annual growth of 33% from 2016 to 2022.
Dr. Al-Qasabi emphasized the tangible benefits derived from the Kingdom’s comprehensive reforms, which boosted its competitiveness on the global stage. He cited the Kingdom’s ranking as the second most digitally competitive nation among the G20 countries, as stated in the Digital Riser 2021 report. Additionally, Saudi Arabia secured the sixth position among 50 emerging economies in the “Agility” index for the year 2022.
The minister proudly announced Saudi Arabia’s standing as the 17th out of 64 countries in the World Competitiveness Yearbook (IMD) report for 2023. Moreover, the Kingdom earned the 38th spot out of 138 nations in the Logistics Performance Index for 2023, solidifying its reputation as a promising player in the global economic landscape.
This year’s G20 meetings, held under the banner of “One Earth, One Family, One Future,” are hosted in India with the aim of fostering a robust and advanced global economy.