Saudi Arabia’s import aluminium foil during 2019-21 signifies volatile movement
According to the primary evaluation report from the government, the economy of Saudi Arabia grew at a rapid pace in nearly a decade in Q3 fostered by higher oil prices. As per the statistics of the General Authority, it reveals that GDP in the kingdom was augmented by 6.8% compared same quarter of 2020.
The largest country in the Middle East, Saudi Arabia imported 131,836 tonnes of aluminium foil during 2019-20 incurring a revenue expenditure of $307.27 million from the import.
The oil-rich nation in 2018 imported 68,596 tonnes of aluminium foil, counting expenditure of around $181 million, whereas, in 2019, Saudi Arabia imported 63,240 tonnes of aluminium foil, which signifies a drop in import by 7.80% and the expenditure also, fell sharply to $126.27 million.
Saudi Arabia’s import of aluminium foil for 2021 is analysed to regain its demand by 2.93%, as the import volume is anticipated to attain 65,093 tonnes and expenditure to surge at $181.95 million due to the rise in the price of primary aluminium.
The major trading destinations for Saudi Arabia’s import of aluminium foil are Belgium, China, USA, Egypt, France, Germany, Greece, India, etc.
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