The import of articles of iron or steel to Saudi Arabia has experienced noticeable fluctuations over the last decade. In 2013, it stood at 7.5497 Billion US Dollars, growing to a peak of 8.1046 Billion US Dollars in 2014. However, a decline set in from 2015, reaching its lowest point in 2020 at 3.3244 Billion US Dollars. Minor upticks occurred in 2019 and 2021. As of 2023, the value is 3.842 Billion US Dollars. Year-on-year variations highlight significant downturns in 2015, 2016, and 2020, with brief recoveries not strong enough to establish a sustained upward trend.
The 5-year CAGR presents an average decline of approximately -0.53%. Projections from 2024 to 2028 suggest a further decline, estimated at an annual average decrease of -1.19%, leading to a forecasted value of 3.5633 Billion US Dollars by 2028. The cumulative growth rate over these 5 years is expected to be -5.82%.
Future trends to watch for include:
- Potential impacts of economic diversification efforts in Saudi Arabia on import levels.
- Global iron and steel market fluctuations due to supply chain adjustments or geopolitical factors.
- Technological advancements within the iron and steel manufacturing sector.
- Domestic initiatives to boost local steel production in alignment with Vision 2030.
