Key markets: Saudi Arabia

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August 2016

  • Saudi Arabia is Australia’s 29th largest export market and second largest export destination in the Middle East behind the UAE.
  • Saudi Arabia has become a high-income country in the last decade, with GDP per capita forecast to reach US$25,000 by 2019.
  • Australian merchandise exports to Saudi were worth US$2.1b in 2014-15 and includes passenger cars, meat and dairy.
  • Australia is Saudi Arabia’s 8th largest source of agricultural imports, as the country’s expanding middle-class start to demand higher quality proteins and grains.
  • Service exports to Saudi Arabia were worth A$345m in 2014-2015, driven mainly by education.
  • ‘Vision 2030’ is Saudi Arabia’s plan to reduce the dependence on oil and increase the role of the private sector, which will see increased spending on infrastructure and housing.
  • Saudi Arabia’s solid population growth, projected at 1.5 per cent p.a. over the next decade, will present further opportunities for Australia’s dairy, animal feed, beef and sheep industries.
  • Large scale infrastructure developments and an increasing push into precious and base metal mining could offer opportunities for Australian contractors and engineering firms.
  • Saudi Arabia ranks 82 out of 189 economies on the World Bank’s ease of doing business gauge, which is better than the regional average.
  • Saudi Arabia scores in the top half on most of the World Bank’s governance gauges, though performs poorly when it comes to ‘voice and accountability’.

I chose Saudi Arabia as my first destination on purpose. Once you achieve Saudi FDA product registration, that registration is acknowledged by other countries in the region. David Mumford, Sales and Marketing Director, RBK Nutraceuticals.