Saudi Commerce Minister, Dr. Majid bin Abdullah Al Qasabi, attended the G20 trade and investment ministers meeting held on August 24-25, 2023, in Jaipur, India. The minister affirmed Saudi Arabia’s commitment to ongoing cooperation and integration for global economic prosperity.
Dr. Al Qasabi provided a detailed overview of Saudi Arabia’s economic performance. The minister revealed that the country’s foreign trade volume in a single year rose to $601 billion in 2022 from $429 billion in 2021. Non-oil exports increased by 40% between 2018-2022, reaching $28.7 billion. He further highlighted that the Saudi Export-Import Bank provided loans amounting to $4.6 billion.
During the panel discussion on “Trade for Growth and Prosperity and Reforms of the World Trade Organization,” Al Qasabi discussed the impact of various reforms on the Saudi economy in line with Saudi Vision 2030. The vision has introduced key initiatives aimed at increasing the integration of the Saudi economy both regionally and globally.
Saudi Arabia has approximately 1.2 million SMEs, providing 80% of the country’s employment. The minister also noted that annual growth in e-commerce reached 33% from 2016-2022.
Dr. Al Qasabi emphasized significant gains Saudi Arabia has made due to reforms over the past years. The country ranked second among the G20 nations in digital competitiveness according to the 2021 Digital Riser Report. It also ranked sixth among the top 50 emerging markets in the 2022 Agility Emerging Markets Index, 17th out of 64 countries in the 2023 IMD World Competitiveness Yearbook, and 38th out of 138 according to the 2023 Logistics Performance Index.
On the sidelines of the ministerial meeting, Dr. Al Qasabi conducted 12 bilateral meetings with ministers and officials from G20 nations. These meetings focused on developing relations and enhancing cooperation.
The G20 summit held in Jaipur underlined Saudi Arabia’s commitment to fostering global trade, cooperation, and sustainable economic growth. With impressive figures and global rankings, the Kingdom is quickly becoming a significant player on the world stage.
The Saudi Arabian economy has been on an impressive trajectory, recently achieving a milestone with its foreign trade volume growing to $172 billion. This article delves into the factors behind this growth, and what it means for the Kingdom’s future.
Saudi Arabia has been implementing a series of economic reforms and initiatives under its Vision 2030 plan. Aimed at diversifying the economy and reducing dependency on oil, these reforms have contributed to a significant boost in the country’s foreign trade. In a recent G20 Summit held in Jaipur, India, Saudi Commerce Minister Dr. Majid bin Abdullah Al Qasabi revealed that Saudi Arabia’s foreign trade volume rose dramatically to $601 billion in 2022, from $429 billion in 2021.
1. Non-Oil Exports: One of the notable factors contributing to this growth has been the 40% increase in non-oil exports between 2018 and 2022, reaching $28.7 billion.
2. Investment in Infrastructure: The Saudi government has heavily invested in modernizing ports, transportation, and logistics to facilitate trade.
3. SMEs: Small and medium-sized enterprises have been a focal point of growth, constituting around 1.2 million establishments and providing 80% of employment in Saudi Arabia.
4. E-commerce: A surge in e-commerce activities has also contributed, with an annual growth rate of 33% from 2016-2022.
Dr. Al Qasabi highlighted Saudi Arabia’s rising profile on various global competitiveness indices. For example, it ranked second among the G20 nations in digital competitiveness, and sixth among the top 50 emerging markets in the 2022 Agility Emerging Markets Index.
With ongoing reforms under Vision 2030 and a proactive foreign trade policy, Saudi Arabia is poised for continued growth. The focus is expected to shift towards more sustainable and tech-driven solutions to further amplify the Kingdom’s foreign trade.
The growth of Saudi Arabia’s foreign trade volume to $172 billion is a testament to the success of its economic reforms and a diversified trade portfolio. It sets a promising trajectory for the Kingdom as it continues to build its global economic standing.
