Saudi Non-Oil Exports to India Surge to SAR 23 Billion in 2023

Saudi Arabia’s non-oil exports to India reached approximately SAR 23 billion in 2023, marking a significant milestone in the growing economic partnership between the two nations. This achievement underscores the Kingdom’s commitment to diversifying its economy under Vision 2030 and strengthening bilateral trade ties with one of its key strategic partners. The robust trade relationship, with India as Saudi Arabia’s second-largest trading partner, continues to evolve through targeted initiatives led by the Saudi Export Development Authority (Saudi Exports) to enhance the presence of Saudi products in Indian markets.

Context and Background

The economic relationship between Saudi Arabia and India has deep historical roots and has been further solidified by high-level diplomatic engagements. During his official visit to India in February 2019, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, emphasized the historic ties between the two countries. This visit marked the beginning of a new era of strategic partnership, leading to the establishment of the Saudi-Indian Strategic Partnership Council, co-chaired by HRH the Crown Prince and the Indian prime minister. This council, with broad ministerial representation, covers all areas of cooperation and provides a framework for expanding economic opportunities.

Key Details: Saudi Exports Initiatives in India

Saudi Exports has taken effective steps to boost the presence of Saudi non-oil products and services in the Indian market. A key example is the authority’s participation under the ‘Made in Saudi’ identity at the Anuga India 2024 exhibition, held in Mumbai from August 28 to 30, 2024. The Saudi pavilion featured 25 leading national companies from the food products sector, highlighting the importance of this sector as a driver of non-oil exports. In 2023, the value of exports from the food products sector exceeded SAR 19 billion, with high-quality Saudi dates exported to more than 119 countries and the Kingdom’s production capacity of white Vannamei shrimp surpassing 20,000 tons. Saudi Exports also held a workshop titled ‘Empowering Exports to India and Bangladesh’ to explore ways to enhance market access and address challenges such as customs, financial, and logistical issues, in collaboration with relevant authorities.

Implications and Impact

The strengthening of non-oil trade with India has significant implications for Saudi Arabia’s economic diversification goals. In June 2024 alone, Saudi non-oil exports to India reached approximately SAR 1.7 billion, with chemical industry products accounting for the largest share at SAR 704.2 million, followed by plastics and rubber products at SAR 382.9 million, and pearls and precious stones at SAR 313 million. Over the past five years (2019-2023), Saudi non-oil exports to India totaled around SAR 100 billion, reflecting the competitiveness of Saudi products and the deepening economic integration between the two nations. This trend supports Saudi Arabia’s position as a reliable global trade partner and contributes to regional stability by fostering mutual economic growth.

Vision 2030 Alignment

The enhanced focus on non-oil exports to India directly aligns with Saudi Vision 2030’s objectives of diversifying income sources and reducing reliance on oil revenues. By empowering exporters, participating in international exhibitions, and addressing trade barriers, Saudi Exports is enabling the Kingdom to build a more resilient and globally competitive economy. As both countries work together through the Strategic Partnership Council to expand shared economic opportunities, this partnership exemplifies how Saudi Arabia is leveraging its strategic location and high-quality products to become a leading global trade hub, fostering sustainable growth for decades to come.

20 Questions

Q1. What is the current value of Saudi non-oil exports to India?

A1. Saudi non-oil exports to India exceeded SAR 23 billion in 2023, reflecting strong and growing bilateral trade ties between the two nations.

Q2. Which Saudi entity is leading efforts to boost non-oil exports to India?

A2. The Saudi Export Development Authority (Saudi Exports) leads these efforts by organizing participation in exhibitions and providing support to exporters.

Q3. What was the key outcome of the Crown Prince’s 2019 visit to India?

A3. The visit led to the establishment of the Saudi-Indian Strategic Partnership Council, co-chaired by HRH the Crown Prince and the Indian prime minister.

Q4. Which exhibition did Saudi Exports participate in for the Indian market in 2024?

A4. Saudi Exports participated in the Anuga India 2024 exhibition, held in Mumbai from August 28 to 30, 2024, under the ‘Made in Saudi’ identity.

Q5. How many Saudi companies were featured at the Anuga India 2024 pavilion?

A5. The Saudi pavilion at Anuga India 2024 featured 25 leading national companies from the food products sector.

Q6. What was the value of Saudi food product exports in 2023?

A6. The value of exports from the food products sector exceeded SAR 19 billion in 2023.

Q7. How many countries does Saudi Arabia export dates to?

A7. High-quality Saudi dates are exported to more than 119 countries worldwide.

Q8. What is Saudi Arabia’s production capacity of white Vannamei shrimp?

A8. The Kingdom’s production capacity of white Vannamei shrimp has exceeded 20,000 tons, making it a major global exporter.

Q9. What workshop did Saudi Exports hold to support exports to India?

A9. Saudi Exports held a workshop titled “Empowering Exports to India and Bangladesh” to enhance market access.

Q10. What challenges does Saudi Exports help exporters address?

A10. Saudi Exports assists with customs and non-customs issues, as well as financial and logistical challenges, by collaborating with relevant authorities.

Q11. What was the value of Saudi non-oil exports to India in June 2024?

A11. In June 2024, the value of Saudi non-oil exports to India reached approximately SAR 1.7 billion.

Q12. Which product category had the largest share of Saudi exports to India in June 2024?

A12. Chemical industry products accounted for the largest share at SAR 704.2 million in June 2024.

Q13. What were the other top export products to India in June 2024?

A13. Plastics and rubber products totaled SAR 382.9 million, and pearls and precious stones reached SAR 313 million.

Q14. What was the total value of Saudi non-oil exports to India from 2019 to 2023?

A14. Over the past five years, Saudi non-oil exports to India totaled around SAR 100 billion.

Q15. How does this trade partnership support Vision 2030?

A15. The focus on non-oil exports diversifies income sources and reduces reliance on oil revenues, aligning with Vision 2030 objectives.

Q16. Is India one of Saudi Arabia’s top trading partners?

A16. Yes, India is Saudi Arabia’s second-largest trading partner, and Saudi Arabia ranks fourth among India’s largest trading partners.

Q17. What is the role of the Saudi-Indian Strategic Partnership Council?

A17. The council, co-chaired by leaders of both nations, covers all areas of cooperation and facilitates strategic economic dialogue.

Q18. How does Saudi Exports support exporters in finding opportunities?

A18. Saudi Exports provides specialized information, studies, and training workshops to help exporters identify suitable export opportunities.

Q19. What sectors show promising growth in Saudi non-oil exports to India?

A19. The food products sector, including dates and shrimp, as well as chemicals and plastics, demonstrate strong growth and competitiveness.

Q20. What is the long-term goal of Saudi Arabia’s export strategy to India?

A20. The long-term goal is to expand non-oil trade, strengthen economic integration, and position Saudi Arabia as a leading global trade hub.

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