The agricultural raw materials imports in Saudi Arabia have witnessed fluctuations over the past decade, starting from a value of 0.71 in 2013, seeing varying year-on-year changes, and reaching a standing of 0.78 in 2023. The imports have shown slight growth and then some declines particularly between 2019 and 2021, with a notable increase in 2020 followed by a decline in 2021 and a stabilization in the following years. The Compound Annual Growth Rate (CAGR) for the period from 2019 to 2023 was around 1.25%, indicating moderate growth.
Looking at the forecast from 2024 to 2028, the values are predicted to remain relatively stable around 0.77 to 0.78, suggesting no significant increase or decrease in the import levels. The forecasted 5-year CAGR is around -0.28% and the forecasted 5-year growth rate is -1.37%, pointing towards a very slight downward trend.
Future trends to watch for include:
- Potential policy changes in agricultural import regulations.
- Global market fluctuations that may impact import volumes.
- Technological advancements in agriculture that could affect Saudi Arabia's dependence on raw material imports.
- Environmental factors and climate change impacting agricultural yield and hence import needs.
