The import of ships, boats, and other floating structures to Saudi Arabia has shown significant fluctuations over the past decade. Following a substantial decline from 2013 to 2016, the market rebounded considerably in 2017 and experienced a massive surge in 2018. The growth continued, albeit with some fluctuations, leading to a notable increase in 2022. As of 2023, imports stood at 4.586 billion USD. The last two years saw an average annual growth of approximately 5.32%. Over the past five years, the average annual compound growth rate (CAGR) was around 25.2%, reflecting a robust increase in imports.
Future trends to watch for include:
- Sustained growth driven by economic diversification and infrastructural projects.
- Potential volatility due to global market conditions and changes in trade policies.
- Technological advancements in marine transport that may impact the types and volumes of imports.