Saudi Arabia Trade Agreement

Posted Dezember 16th, 2020 by admin

Improving the kingdom`s global connectivity is also a matter of improving the physical infrastructure that underpins domestic and external trade. The NTP instructs the Ministry of Transportation to improve transportation infrastructure, including reducing the total amount of planning projects from 60% to 25%. The government is also trying to co-opt the private sector to finance half of new rail projects and 70% of port development. In the meantime, efficiency gains are being sought in areas such as the average length of stay of containers in ports. Among the existing international gateways are the Islamic port of Jeddah – the largest container port in the kingdom with a capacity of about 5 meters of 20 feet equivalent units per year – and King Abdulaziz Port in Dammam, the country`s main facility on the east coast. The industrial and commercial ports of Yanbu and Jubail, as well as the Jizan, Dhiba and Ras Al Khair facilities, provide other routes. Saudi Arabia is America`s second largest trading partner and the second largest U.S. merchandise export market in the Gulf region, behind the United Arab Emirates. U.S. exports of goods reached $3.6 billion in 2018 (minus 17 percent from 2017); U.S.

imports from Saudi Arabia totaled $24.1 billion, resulting in a $10.5 billion deficit in merchandise trade. The main export products of the United States are transportation equipment (including aircraft, but not rail) ($3.8 billion) nuclear machinery ($1.9 billion), weapons and ammunition ($1.5 billion), electrical machinery (US$1.1 billion); Optics, photo, medical instruments ($0.7 billion), chemicals ($500 million) and cereals ($400 million). Source: Global Trade Atlas. In 2017, U.S. exports of consumer-oriented food products to Saudi Arabia fell about 11 percent to $508 million. Saudi Arabia is the largest importer of food and agricultural products in the Gulf Cooperation Council (GCC). The latest UN trade data shows that in 2016, Saudi Arabia imported $14.8 billion worth of agricultural and related products, down about 23% from 2015. This decline is mainly due to lower prices for cereals, such as maize, wheat, barley and rice, as well as a decrease in imported imports of dairy products and frozen chicken meat. In 2016, Saudi Arabia imported about $7.8 billion in consumer food products, down 20 percent from 2015. U.S. food products are generally considered higher than those imported locally or from other countries.

Although U.S. food products have higher prices than imports from Asia and Arab countries, demand for U.S. food products in the Saudi market has increased in recent years. Source: USDA Report IIA Mapping Project The IIA Mapping Project is a cooperative initiative between UNCTAD and universities around the world to represent the content of the IIAs. The resulting database serves as a tool to understand trends in CEW development, assess the prevalence of different policy approaches, and identify examples of contracts. The Mapping of IIA Content allows you to browse the results of the project (the page will be regularly updated as new results become available). Please mention: UNCTAD, Mapping of IIA Content, available at investmentpolicy.unctad.org/international-investment-agreements/iia-mapping More information: Mapping Project Description – Methodology document The recovery in oil prices since 2017 has led the kingdom to settle in a more positive zone since its collapse in 2014-15 and, according to estimates by the Saudi Currency Administration, $158 billion in 2018.

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