• Plastic and rubbers to be the fastest-growing export sector at over 6% annually

Riyadh – Future of Trade: New opportunities in high-growth corridors– a research report by Standard Chartered – projects that global trade is set to reach USD32.6tn with a growth rate of five per cent by 2030.  Trade corridors anchored in Asia, Africa and the Middle East will outpace global trade growth rate by up to four percentage points, driving combined trade volume in these regions to USD14.4tn to account for 44 per cent of global trade by 2030. Saudi Arabia will be a key driver of this global trade growth, with its exports projected to reach USD418bn by 2030 and an annual growth rate of 4.8% per cent.

Saudi Arabia: corridors to watch

India, Singapore, and the UAE are among the fastest-growing export corridors, while Mainland China to remain the largest export destination for Saudi Arabia.

Corridor

Exports (USD 2030 annual growth)

Imports (USD 2030 annual growth)

India

65bn (8.1%)

15bn (9.2%)

Singapore

14bn (5.9%)

2bn (8.2%)

UAE

15bn (5.6%)

22bn (6.5%)

South Korea

38bn (4.4%)

6bn (6.3%)

Mainland China

92bn (4.2%)

43bn (5.9%)

Saudi Arabia: export sectors to watch

Saudi Arabia is boosting trade through increasing industrial production. The ‘Saudi Vision 2030’ provides a roadmap for the development of new economic sectors, in order to diversify its economy away from oil, and transition to one that is digital and knowledge-based.

Saudi Arabia envisions itself to become the next global logistics hub. In October 2022, the country

announced plans to build 59 new logistic zones across the nation and is also aiming to improve its liner shipping connectivity by introducing new routes between Asia and Europe.

Sector

Share of exports (2030)

CAGR 2021-2030 CAGR

Metals and minerals

78%

4.9%

Plastics and rubbers

9%

6.1%

Chemicals and pharmaceuticals

9%

4.4%

Commenting on the findings of the report, Mazen Bunyan, CEO of Standard Chartered, Saudi Arabia, said: “Saudi Arabia aspires to become the next global logistics hub, and has pledged to make its economy more sustainable and innovative. Leveraging its strategic location at the centre of Asia, Africa and Europe, its enhancing its shipping networks to connect these regions and is continuously liberalising international trade of goods and services.”

He added:  “With various initiatives across the logistics, sustainability and innovation fronts, Saudi Arabia is poised to lead the Gulf and wider Middle East into a new era of trade and economic prosperity.”

-Ends-

For further information please contact:
Noora AlNusuf
Head of Bahrain and Middle East (excluding UAE)
Corporate Affairs and Brand & Marketing

Future of Trade: New opportunities in high-growth corridors

The report, prepared by PwC Singapore, provides a view on global trade over the next decade and identifies high growth corridors in Asia, Africa and the Middle East as well as 13 key markets that will define the way ahead. The study is based on qualitative and quantitative analysis from various sources, including historical trade data and trade projections until 2030. All trade figures used in this report are for trade of goods only and do not include trade in services.

The research includes a survey of 105 C-suite and senior leaders from corporations globally was conducted to understand the key drivers of trade growth in Asia, Africa, and the Middle East, the disruptions their businesses face in conducting trade, the initiatives they are implementing to overcome the disruptions, and how digital supply chain finance solutions could transform trade in the coming years. Find out more here. 

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