Majid Al-Khalidi from Riyadh
The value of goods re-exported from Saudi Arabia to abroad during ten months of this year amounted to about 26.42 billion riyals (7.05 billion dollars), compared to about 30.1 billion riyals (8.3 billion dollars) during the same period of the previous year.
Re-exported goods are known as goods that were previously imported and subjected to all customs procedures, and then re-exported without clear modification.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper, based on official data, re-exported goods during the period constituted about 16.3 percent of the total exports Non-oil exports amounting to 162.5 billion riyals, compared to about 16 percent of total non-oil exports for the same period of 2019.
Through the Kingdom's Vision 2030, Saudi Arabia seeks to exploit its geographical location, which is located at the crossroads of the most important global trade routes, by raising the flow of global trade between Asia, Europe, and Africa and maximizing the economic gains as a result.
Deposit zones and re-exports are being developed by updating the list of deposit areas to include value-added operations, assembly and simple manufacturing operations, as well as allowing exporters to use the deposit zones and end their customs procedures without specifying the final destination, which promotes the transformation of the Kingdom's ports into attractions for major international and regional companies. And strengthening the Kingdom's position, to be the first choice as a logistical center at the regional level linking the three continents.
The global pandemic led to a decline in the value of re-exported goods during the ten months of this year by 12.2 percent, compared to the same period of the previous year, but recent months have witnessed an improvement in re-exports, coinciding with the return of economic activities.
Likewise, last October's re-exports recorded the highest level in 2020, as goods re-exported from Saudi Arabia amounted to about 3.42 billion riyals, with an annual growth of 13.3 percent.
The re-exported goods in 2019 amounted to about 36.4 billion riyals, compared to about 32.56 billion riyals in 2018, as well as the goods re-exported during 2017 about 32.3 billion riyals, and about 29.8 billion riyals in 2016.