The import of ores and metals in Saudi Arabia has shown considerable fluctuation over the past decade. From 2013 to 2023, the country experienced significant variations in these imports, with notable drops in 2015, 2016, and 2019. However, slight recoveries were noticed in the subsequent years. For instance, after a drastic decline of 24.46% in 2019, imports rose by 24.6% in 2020, only to moderate again with -8.2% in 2021 and a minimal increase of 0.76% in 2023.
As of 2023, Saudi Arabia's import of ores and metals stood at 3 units of goods imports. The compound annual growth rate (CAGR) over the last five years was -2.35%, indicating a marginal decline. Nonetheless, forecast data from 2024 to 2028 show a slightly positive trend with a forecasted CAGR of 0.54% and a total growth rate of 2.73% over these five years.
Looking ahead, factors such as global economic conditions, commodity prices, domestic demand, and policies surrounding mining and metals will be crucial in shaping the trend of ores and metals imports in Saudi Arabia. Market participants should closely monitor these dynamics to anticipate future import behavior.