Based on the forecasted data, Saudi Arabia's import of iron and steel is anticipated to decline steadily from $2.4955 billion in 2024 to $2.1016 billion in 2028. This represents a consistent year-on-year reduction in imports. The import values in 2023 were actual, and they stood slightly higher compared to 2024, indicating the beginning of this downward trend.
- 2024 vs. 2025: A decrease of approximately 4.07%.
- 2025 vs. 2026: A decrease of approximately 4.14%.
- 2026 vs. 2027: A decrease of approximately 4.24%.
- 2027 vs. 2028: A decrease of approximately 4.34%.
Over the last two years, the year-on-year variation in import values indicates a noteworthy decline with a Compound Annual Growth Rate (CAGR) of around -5% over a five-year period. This consistent decline over the five-year forecast period suggests a structural change in the market or shifts in domestic policy.
Future Trends to Watch For:
- Increasing domestic production capacity in Saudi Arabia may reduce import dependency.
- Potential shifts in global iron and steel prices affecting import costs.
- Trade policies and agreements that may facilitate or hinder the import flow.
- Economic diversification efforts under Saudi Vision 2030 potentially influencing the market demand.