The Kingdom of Saudi Arabia is a country in the Middle East covering most of the Arabian Peninsula.
As of 2020, Saudi Arabia had a Gross Domestic Product (GDP) of 700.18 billion USD and is forecasted to be at 751.16 billion USD by 2024. The country has the largest economy of the 5 oil-producing countries of the region.
The shares of economic sectors in the GDP are as follows:
The main import-export partners of the country are:
The mining and quarrying industry is the biggest revenue generator for the Arab country. Mineral oil and its products lead the country’s export, followed by inorganic chemicals.
The mining industry in Saudi Arabia contributes about 85% to its GDP and is projected to reduce by 0.5% in 2021, compared with the reduction of 6.7% in 2020, considering production levels It is expected to decrease further to $65.70 in 2022. <./p>
The government aims to diversify through the production and extraction of oil and gas which will eventually increase the importance of the mining sector. The country has many untapped minerals potential leading to a wide range of investment opportunities.
To be involved in the mining sector and invest in the opportunities, Camamach has high-quality extraction equipment for you.
In 2019, the estimated GDP measured by the construction sector in Saudi Arabia was approximately 163.7 billion Saudi riyals and in 2022, the industry is forecasted to continue to recover, growing by 3.2 per cent.
Ever since the hit of the global pandemic, the projects to develop the construction industry have been postponed and productivity has been severely disrupted. However, the government has been prioritising investment in social infrastructure projects.
The Saudi Arabia government is allocating their investments towards residential constructions due to increased demand and towards transport and retail to increase tourism in the country.
The main seaports of Saudi Arabia are:
For imports, Camamach uses the King Abdul Aziz Port.
Both the mining and construction industries of Saudi Arabia have a significant impact on the country’s economy. Some of the imported equipment includes Trailer Concrete Pumps, Mobile Crushers, Beneficiation Equipment, Heavy Duty Trucks, etc.
A Certificate of Conformity is required for every shipment of products. Each shipment must provide evidence of conformity from Country Offices. Each piece of equipment is verified before it leaves the port. Moreover, Regional Licensing Centers conduct the registration process, carry out verification of conformity, and provide Licenses.
The general documentation for imports into the country include:
For further comprehensive details on the import regulations in Saudi Arabia, you can visit this site.
Camamach has years of exporting experience in Saudi Arabia. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation. We also ship worldwide; for other countries, check out our experience here.