Saudi Arabia’s exports will hit almost $354 billion by 2030 and will be a key driver of trade growth, according to Standard Chartered.
The bank said 18 percent of global corporates already manufacture or source in the kingdom, or plan to within five to 10 years.
And 28 percent plan to take advantage of the Saudi Arabia to South Korea trade corridor, according to new research published by Standard Chartered, Future of Trade 2030.
The research said Saudi Arabia is one of 13 key markets that will drive much of global exports, which are set to double from $17.4 trillion to $29.7 trillion over the next decade, while Saudi exports will grow by an annual rate of 7.6 percent to reach $354 billion by 2030.
Mainland China and South Korea will continue to be among the largest export corridors for Saudi Arabia and will account for 20 per cent and eight per cent of total exports in 2030, respectively, Standard Chartered said.
Meanwhile, India is the fastest growing export corridor for Saudi Arabia with an average annual growth rate of 10.9 per cent from 2020 to 2030.
Metals and minerals with have the largest share of exports by 2030 at 80 percent, followed by plastic and rubbers at seven percent and chemicals and pharmaceuticals at six percent.
The UAE will also see its exports grow, have significant exports by 2030, reaching $298 billion, with a compound annual growth rate of 6.1 percent, Standard Chartered said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)