Saudi Foreign Trade To Grow

Saudi Arabia’s foreign trade revenues reached SR1,300 billion ($346.6 billion) in 2011, an increase of 37 per cent compared to the previous year, according to the kingdom’s Minister of Commerce and Industry Tawfiq bin Fawzan Al-Rabiah.

Speaking at the inauguration of the Jeddah Economic Forum, he said that foreign trade revenues are expected to rise by 14 per cent this year. He also said that imports increased by two per cent year-on-year in 2011 to reach SR320 billion, reported the official Saudi Press Agency.

Saudi Arabia’s GDP rose by 28 per cent last year compared to 2010 mainly because of the 40 per cent growth achieved by the petroleum sector, he added.

The kingdom’s GDP reached SR2,163 billion ($576.7 billion) in 2011, out of which oil accounted for SR1,229.1 billion ($327.7 billion), according to data recently released by the Central Department of Statistics and Information.