Saudi Arabia inks deal to export hydroponic products to Netherlands and wider Europe

Saudi Arabia inks deal to export hydroponic products to Netherlands and wider Europe
Saudi Arabia inks deal to export hydroponic products to Netherlands and wider Europe

Thank you for reading the news about Saudi Arabia inks deal to export hydroponic products to Netherlands and wider Europe and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s non-oil exports, including re-exports, rose by 2.5 percent to SR22.6 billion ($6.03 billion) in November 2023 compared to the previous month, official data showed. 

According to a recent release from the General Authority for Statistics, the Kingdom’s overall merchandise exports experienced a 15.6 percent year-on-year decrease in November, amounting to SR95 billion. 

This decline is attributed to Saudi Arabia’s decision to reduce crude output, in line with the resolution of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+. 

To maintain market stability, OPEC+ had agreed to cut oil output by 1.2 million barrels per day starting in April 2023. Within these reductions, Saudi Arabia committed to lowering its output by 500,000 bpd, and this commitment has been extended until December 2024. 

Furthermore, in June, the Kingdom implemented an additional output cut of 1 million bpd, which persisted until December 2023. 

According to the GASTAT report, Saudi Arabia’s oil exports saw an annual decrease of SR17.5 billion, or 19.4 percent, in November 2023.

Compared to October 2023, total merchandise exports decreased by SR9.3 billion, or 8.9 percent. 

On the other hand, the Kingdom’s merchandise imports saw an annual increase of 3.7 percent in November to SR67.1 billion.

However, imports decreased by 9.1 percent in November compared to the previous month. 

China was Saudi Arabia’s most important trading partner for the month with the Kingdom’s exports to the Asian giant totaling SR16.1 billion. 

This was closely followed by Japan and India with exports worth SR10.5 billion and SR10.3 billion, respectively. 

South Korea, the UAE and Poland as well as the US, Bahrain, Malaysia, and Singapore were the other countries that ranked in the top 10 destinations for Saudi Arabia’s exports. 

China also led in imports, with the Kingdom importing goods from the Asian giant worth SR16.7 billion in November.

The US and the UAE followed next with imports of SR5.6 billion and SR4.6 billion, respectively.

Jeddah Islamic Port remained the largest entry point for goods into the Kingdom in November, with a value of SR18.3 billion, constituting 27.3 percent of the overall imports.

These were the details of the news Saudi Arabia inks deal to export hydroponic products to Netherlands and wider Europe for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Oil Updates – crude slips for third session on likely ‘higher for longer’ US rates
NEXT GCC banks’ net profit surge 10.5% to 14.4bn: Kamco Invest

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]