DAMMAM: The deputy chairman of the Eastern Province Chamber of Commerce and Industry (Al-Sharqiya) has blamed the Ministry of Commerce and Industry for ineffective monitoring of the local market.
Speaking to Al-Eqtisadiah business daily, Ali Al-Yami said effective monitoring entails frequent inspection tours and close interaction with the market.
"The ministry's commercial market monitoring mechanism has constraints. Even though the ministry is supposed to have a vast monitoring mechanism for all seasons, it does not work properly," he said. "Statements of officials about market monitoring are no more than mere rhetoric."
Meanwhile, several retailers told the newspaper that local markets have not been impacted by the political turmoil being witnessed in some countries in the region where Saudi traders used to import goods from.
They noted that traders rely on alternative markets such as Turkey and European countries. Traders also pointed out that there has been increased activity in the purchase of goods, especially during the Eid Al-Adha holidays.
There has also been increased liquidity among traders due to huge demand for winter clothes, resulting in a slight increase in prices.
Al-Yami said the negative impact of political turbulence in some Arab countries, including Syria, on the import of goods would not produce any notable effect on the market.
"Saudi traders are not importing such goods directly from Syria. They can import goods from manufacturing countries like Turkey. Syrian traders used to import goods from countries like Turkey and then re-export them to several countries, especially GCC states," he said.
According to Al-Yami, there are several alternative markets for importing such goods.
"The European market, especially eastern European countries, is the best alternative. Their products are of high quality. Normally prices of goods witness a considerable decrease in the last quarter of the year," he said, pointing out that the volume of imported goods for the winter season vary from region to region depending on the weather.
Al-Yami expects there is every possibility goods will not be imported from countries affected by political disturbances this year.
He also sees a great chance for increased business activity in the fields of clothes and accessories for women and children.
"The Ministry of Commerce and Industry and the concerned market monitoring agencies have intensified monitoring of the market in the wake of the increased business activity due to the current Eid holiday and winter season as well as the increase in volume of purchases by Haj pilgrims."
© Arab News 2011
