Saudi Arabia Mobilizes to Boost Dates Exports to China

Dates on sale in Saudi Arabia. (SPA)
Dates on sale in Saudi Arabia. (SPA)
TT

Saudi Arabia Mobilizes to Boost Dates Exports to China

Dates on sale in Saudi Arabia. (SPA)
Dates on sale in Saudi Arabia. (SPA)

As part of its active strategy for unlocking more markets for its exports, Saudi Arabia is eyeing the Taiwanese market for its dates and dairy trades. The Kingdom is scouting for the most prominent importers in the field while considering the particular mechanism and conditions outlined by China.

Each of the offices of the Saudi General Authority for Foreign Trade in China and the Saudi Commercial Office in Taipei received a copy of the mechanism and requirements for exporting dates and dairy products to Taipei, according to information obtained by Asharq Al-Awsat.

This will aid the Kingdom in filling in its private sector’s dates and dairy industries on major Taiwanese importers in their target market.

The export of dairy products will be carried out with approval from the Food and Drug Administration, which operates under the Chinese Ministry of Health and Welfare.

In importing dairy products that are not included among the specified taxed goods, authorities will apply Article 35 of Taiwan’s food safety and health legislation.

According to the legislation, imports will be subjected to a systematic inspection process based on procedures and the attachment of health certificate documents for products from the exporting country.

As for dates, exports to Taiwan are required to present records signed by relevant and expert authorities. Upon arrival, dates will need to undergo a laboratory examination that tests for pesticides and microorganisms.

The move to boost dairy and dates exports aligns with Saudi Arabia’s national transformation plan, Vision 2030, which chiefly aims to diversify the Kingdom’s economy.

Vision 2030 focuses on capitalizing on natural resources available to the Kingdom other than oil. This includes Saudi Arabia’s prosperous agricultural and farming industries.

The plan seeks to make the Kingdom’s dates production and distribution industries one of the most critical sectors in a new era of national investments that takes Saudi exports worldwide.

According to a report prepared by the National Center for Palms and Dates (NCPD) and the General Authority for Statistics, dates exports in the Kingdom reached 107 countries in 2020.

Compared to previous years, the 2020 results confirm remarkable growth in marketing the Kingdom’s dates and expanding their reach worldwide.



Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT

Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices soared to near three-month highs on Wednesday, trading below its record peak, fuelled by a soft dollar and lack of clarity around US President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Spot gold added 0.3% to $2,753.79 per ounce as of 9:45 a.m. ET (1445 GMT). Prices were at their highest since Oct. 31 when they hit their all-time-high of $2,790.15.

US gold futures gained 0.2% to $2,764.80.

The dollar index dipped to a more-than-three-week low, making greenback-priced bullion less expensive for holders of other currencies, Reuters reported.

"There are uncertainties with proposed tariffs and other things, and gold typically does well when there's a large or even a moderate amount of uncertainty in the market, it's a natural place where people gravitate to," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the US Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.

Trump has not provided many details about his proposed tariffs, making investors question the aggressiveness of the move, and the depth of its potential impacts.

"(Trump) has been perhaps just a shade less hawkish on tariffs as feared which helps - less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts," said Tai Wong, an independent metals trader.

Spot silver fell 0.6% to $30.68, but hovered near a one-month high hit on Jan. 16.

Platinum rose 0.3% to $946.50 and palladium gained 1.9% to $975.27.