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AlwaysFree: Saudi Arabia’s August Imports From UAE Jump 31%

Author: SSESSMENTS

Data from Saudi Arabia’s General Authority for Statistics showed the kingdom imported SAR4.1 billion ($1.09 billion) from the neighbouring United Arab Emirates (UAE) in August. That represents a month-on-month increase of 31%, reversing a 33% decline in July when Saudi Arabia imposed new rules on imports from other Gulf Cooperation Council (GCC) countries. On a year-on-year basis, Saudi imports from the UAE surged by about 47%.

Saudi Arabia removed preferential tariff concessions for goods using Israeli input or produced in free zones in neighbouring Gulf countries. The kingdom is also competing with the UAE to attract investors and businesses. Analysts said the rebound in August imports reflected that businesses had adapted to the new regulations. Saudi Arabia’s overall imports increased by 58.9% year-on-year in August, partially due to last year’s low-base effect stemming from the COVID-19 pandemic.

Tags: All Products,AlwaysFree,English,Middle East,Saudi Arabia,UAE

Published on October 26, 2021 4:41 PM (GMT+8)
Last Updated on October 26, 2021 4:41 PM (GMT+8)