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Saudi Arabia:Saudi imports costs to rise |
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2004-9-2
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A majority of consumer products imports are likely to rise by 600 million (8%) to reach the total value of imports to more than SR 40 billion from the current value of SR 39.5 billion.
Economic experts and businessmen, attribute several reasons for this increase and proffered is the steep hike in oil prices. This resulted in increasing the price of most of the industrial and consumer products as well as the cost of raw materials for these products, in addition to cargo charges.
It is estimated that the total volume of imports at Saudi ports amounts to $ 39.5 billion, and these included machinery, equipment and instruments, foodstuffs, livestock, chemicals, vehicles and textiles. Most of the imports are from the United States, Japan, Germany, Britain and several Asian countries.
Abdurahman Al Jeraisy, chairman of the board of directors of the Council of Saudi Chambers of Commerce and Industry, said the volume of imports of consumer products will rise considerably in the coming future, corresponding to the increase in the purchasing activities in the market due to the flow of huge amount of money, in the wake of the surge in oil price. According Al Jeraisy, the increase in prices of goods will not be restricted to those imported to Saudi Arabia alone, but would include the entire global market because of the rise in the charges of cargo and raw materials for manufacturing industries. |
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