Five of the commodities have captured around 70 percent of the total Saudi imports, whose accumulated value has reached upwards of SAR 530 Billion by early 2016. These figures are in accordance to those released by the Customs Department of the Kingdom of Saudi Arabia. These five commodities include foodstuff, transport equipment, electric equipment, chemical products and plastics and ordinary metals and products. The electric equipment has topped all the 5 commodities with the total imports in the Kingdom of Saudi Arabia calculated to be at SAR 195 Billion, only last year, which roughly translates to 30 percent of the total imports in Saudi Arabia. The exports from the Kingdom of Saudi Arabia was valued at SAR 3.7 billion, this was also reported by the Customs Department of the Kingdom of Saudi Arabia.
The transportation equipment came in at number 2 of the imports of the Kingdom of Saudi Arabia. The total value of the transportation equipment was calculated at SAR 119 Billion which roughly converts to 18 percent of the total imports of Saudi Arabia, while the exports have exceeded SAR 257.5 million. The foodstuffs came in at number 3 in the list of imports into the Kingdom of Saudi Arabia. The food stuff roughly converts to around 13 percent of the total imports of Saudi Arabia. The Kingdom of Saudi Arabia has also in the meantime exported food stuff which was worth SAR 13.6 billion in the same financial year.
Chemical products and plastics, on the other hand, ranked on top of the non-oil exports in the Kingdom of Saudi Arabia at SAR 118 billion, which represents a whopping 74 percent of the total non-oil exports of the Kingdom of Saudi Arabia. The Kingdom of Saudi Arabia also imported chemical products which were valued at SAR 60.5 Billion in a fiscal year.
The PRC or People’s Republic of China has topped around 20 countries from where the Kingdom of Saudi Arabia imports their requirements, whereas the non-oil exports from the Kingdom of Saudi Arabia have managed to reach a total of SAR 27 billion. The United States of America was the second largest exporting country to the Kingdom of Saudi Arabia. Their exports to the Kingdom were valued at SAR 84 billion, whereas the non-oil exports reached around SAR 4 billion. Germany was the third largest exporting country to the Kingdom of Saudi Arabia with the exports valuing up to SAR 47 billion.
The total volume of the exempted custom duties which cover various exemptions granted by the authorities of Saudi Arabia amounted to SAR 7 billion in the 2015 fiscal year. The commercial and industrial exemptions which have been granted out of this stood at SAR 2 billion, which was a decrease of around 20 percent in comparison to the financial figures of the previous year, whereas the GCC factory product exemptions reached a total of SAR 1.5 billion.
Source: Arab News
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