Saudi Arabia aims to build a $34 Billion non-oil trade with Africa.
- The trade market between Saudi Arabia and Africa amounted to USD34.13 billion from 2019 to 2023.
- Saudi Arabia exported goods to 55 countries the highest of which were Egypt, Algeria, and South Africa.
- Goods exported the most by Saudi Arabia were polypropylene, polyethylene, and fertilizers.
It has been announced that fertilizers, building materials, and packaging have contributed to USD34.13 billion in non-oil exports from Saudi Arabia to 55 African countries between 2019 and 2023.
The Saudi Press Agency has released a statement highlighting the significance of trade with the continent for the Kingdom, which aims to diversify its economy as part of the Vision2030 strategy.
The African market is considered an important destination for Saudi Arabia in its efforts to establish itself in the global trade market, with a potential economy size of $3 trillion.
“The Saudi Export Development Authority (Saudi Exports) has embarked on a path towards the African continent, responding to the needs of its diverse markets and future aspirations,” stated SPA.
According to the release, the chemicals and polymers sector topped the list in terms of export value, exceeding SR83 billion (USD23.7 billion) between 2019 and November 2023.
The building materials sector came second, with exports exceeding SR10 billion (USD2.67 billion), followed by the packaging industry with a value of SR9 billion (USD2.4 billion).
The top three products exported by Saudi Arabia are polypropylene, polyethylene, and fertilizers.
African countries such as Egypt, Algeria, and South Africa are the main importers of Saudi products, followed by Morocco, Sudan, Kenya, and Nigeria.
It’s worth noting that Saudi Arabia’s exports reached up to 55 African countries.
Saudi experts intend to participate in events taking place on the continent, such as the African Food Exhibition in 2024, the pack process Middle East and Africa Exhibition in 2024, The African Construction Exhibition 2024 in Kenya and the GITEX Africa Exhibition 2024 in Morocco.
