Saudi Arabia Achieves Surplus in Self-Sufficiency for Top 3 Food Items

Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
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Saudi Arabia Achieves Surplus in Self-Sufficiency for Top 3 Food Items

Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)

The Kingdom has recorded surpluses in its top three food products during the past year as a result of the intensive efforts undertaken by the government to achieve self-sufficiency in food commodities.

Dates lead the way with a remarkable 124% increase, followed by dairy products at 118%, and table eggs at 117%.

At the beginning of 2023, Saudi Arabia decided to transform the Saudi Grains Organization (SAGO) into the General Food Security Authority (GFSA), a move aimed at improving performance indicators and achieving national objectives in the development and growth of the sector.

This underscores the Kingdom’s determination to attain self-sufficiency in all food items and products.

According to the agricultural statistics report issued by the General Authority for Statistics (GASTAT) on Thursday, the self-sufficiency rate for potato crops in the past year reached 80%, while poultry meat stood at 68%, and tomatoes at 67%.

Red meat followed at 60%, carrots at 50%, fish at 48%, and onions at 44%.

Citrus fruits, on the other hand, ranked at the lowest end of the spectrum, with a self-sufficiency rate of 15%.

Ibrahim Al-Turki, the head of the National Agriculture Committee at the Saudi Chambers of Commerce and Industry, stated that the two wings of the Kingdom’s national transformation plan, Vision 2030, are working in harmony: one in the public sector, and the other in the private sector.

Speaking to Asharq Al-Awsat, Al-Turki pointed out that the efforts of relevant agencies to facilitate local companies and farmers have borne fruit in achieving the targeted food security goals in Saudi Arabia.

Al-Turki emphasized the importance of food security, especially in the wake of the coronavirus crisis and the Russia-Ukraine conflict, affirming that the high level of self-sufficiency in strategic food commodities such as dairy, eggs, dates, and potatoes has also positively influenced prices, making them competitive and accessible to all.

The chairman of the agriculture committee further explained that the surplus in certain products has a positive impact on the local market and consumers.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
TT

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.