The import of precious metal ores and concentrates to Saudi Arabia stood at $70.76 thousand USD in 2023, showing a 2.36% year-on-year (YoY) increase from $69.13 thousand in 2022. Analyzing the trend over the last two years, the import value slightly decreased by 2.41% in 2022 before rebounding by 2.36% in 2023. Looking at the compound annual growth rate (CAGR) over the past five years, the import value grew at an average rate of 2.59% per year.
Over the long term, from 2013 to 2023, the import values exhibit variations, with significant dips in 2015 and 2020, countered by considerable upticks in 2021. The forecast for 2024 to 2028 anticipates a growth rate of 9.19%, with a forecasted five-year CAGR of 1.77%, indicating moderate but steady growth.
Future trends to watch for include the global economic conditions affecting gold prices, technological advancements in precious metal extraction, and shifts in Saudi government policies towards trade and precious metals regulation. These factors could have significant impacts on import volumes and values in the coming years.
