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Saudi Arabia Reveals Development in Non-Oil Exports

Saudi Arabia Reveals Development in Non-Oil Exports
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Saudi Arabia Reveals Development in Non-Oil Exports

Saudi Arabia Reveals Development in Non-Oil Exports

The Saudi Export Development Authority has announced an increase in non-oil exports by stimulating exporters and facilitating the access of Saudi products to world markets through two routes.

It said it has been working on six strategic goals, including the improvement of the export environment’s efficiency and raising knowledge of export practice and export readiness.

The Authority will work on facilitating the creation of export opportunities, increase the visibility of Saudi products and link exporters with potential importers and partners. The value of Saudi non-oil exports has amounted to unprecedented levels in 2018, according to figures from the Saudi General Authority for Statistics (GaStat).

The Authority has launched a SAR120 million ($32 million) motivation program in cooperation with the Private Sector Stimulus Office within its private sector stimulus plan.

The program is part of an initiative by the National Industrial Development and Logistics Program. It provides the necessary support for enterprises to increase their capacities and capabilities to enter and expand in the international markets and raise the competitiveness of their products, achieving the Kingdom’s Vision 2030 and its objectives to increase the share of non-oil exports of the non-oil GDP from 16 to 50 percent.

It also encourages Saudi companies to enter and expand in export markets as it offers nine WTO-compliant incentives that cover the costs paid by Saudi companies over the different stages of their export activities.

The incentives are designed to help Saudi companies build their capacity, improve their competitiveness and expand their global reach.

The program will cover activities related to export capacity development, such as training to obtain the required professional qualifications and covering the costs of specialized training and promotional activities.

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.