Saudi Arabia Mobilizes to Boost Dates Exports to China

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



Gold Drifts Higher on Fed Rate-cut Hopes, Geopolitical Risks

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Drifts Higher on Fed Rate-cut Hopes, Geopolitical Risks

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Prices of safe-haven gold climbed on Monday on heightened geopolitical tensions in the Middle East and amid expectations of a US rate cut in September, while focus shifted to the Federal Reserve's policy meeting due later this week.

Spot gold was up 0.3% at $2,391.80 per ounce, as of 0205 GMT. US gold futures firmed 0.4% to $2,390.50.

"Prices will hold a range ahead of the Fed meet and Chair Jerome Powell's comments. If we get a clearly dovish stance and softer jobs data, prices could head towards $2,450," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific, according to Reuters.

The US central bank's Federal Open Market Committee meets on July 30-31 and is expected to keep rates unchanged at 5.25%-5.50%. However, softer US jobs data in June, cooling inflation and comments from top Fed officials have prompted the rate futures market to fully price in a 25 basis-point cut in September.

The ADP national employment report and non-farm payrolls report are the main data points due this week.

Gold, historically reputed for its stability as a favored hedge against geopolitical and economic risks, thrives in a low-interest rate environment.

Israel's security cabinet authorized Prime Minister Benjamin Netanyahu's government to decide on the "manner and timing" of a response to a rocket strike in the Israeli-occupied Golan Heights that killed 12 teenagers and children, and which Israel and the United States blamed on Lebanese armed group Hezbollah.

Bullion should see further safe-haven demand if things get more heated up in the Middle East, OANDA's Wong added.

Elsewhere, top consumer China's output of gold using domestic raw materials rose by 0.58% from the year before to 179.634 metric tons in the first half of 2024, the country's Gold Association said.

Spot silver gained 0.1% at $27.93 per ounce, platinum rose 0.8% to $942.75 and palladium was up 0.7% at $906.48.