Standard Chartered: Saudi Arabia’s exports to hit USD418bn by 2030 at nearly 5% annual growth

Future of Trade: New opportunities in high-growth corridors– a research report by Standard Chartered – projects that global trade is set to reach USD32.6tn with a growth rate of five per cent by 2030.  Trade corridors anchored in Asia, Africa and the Middle East will outpace the global trade growth rate by up to four percentage points, driving combined trade volume in these regions to USD14.4tn to account for 44 per cent of global trade by 2030. Saudi Arabia will be a key driver of this global trade growth, with its exports projected to reach USD418bn by 2030 and an annual growth rate of 4.8% per cent.

Saudi Arabia: corridors to watch

India, Singapore, and the UAE are among the fastest-growing export corridors, while Mainland China remains the largest export destination for Saudi Arabia.

Saudi Arabia: export sectors to watch

Saudi Arabia is boosting trade by increasing industrial production. The ‘Saudi Vision 2030’ provides a roadmap for the development of new economic sectors in order to diversify its economy away from oil and transition to one that is digital and knowledge-based.

Saudi Arabia envisions itself becoming the next global logistics hub. In October 2022, the country

announced plans to build 59 new logistic zones across the nation and is also aiming to improve its liner shipping connectivity by introducing new routes between Asia and Europe.

Commenting on the findings of the report, Mazen Bunyan, CEO of Standard Chartered, Saudi Arabia, said: “Saudi Arabia aspires to become the next global logistics hub and has pledged to make its economy more sustainable and innovative. Leveraging its strategic location at the centre of Asia, Africa and Europe, its enhancing, its shipping networks to connect these regions and is continuously liberalising international trade of goods and services.”

He added: “With various initiatives across the logistics, sustainability and innovation fronts, Saudi Arabia is poised to lead the Gulf and wider Middle East into a new era of trade and economic prosperity.”