Saudi Arabia’s non-oil exports to India reached approximately SAR1.7 billion ($453 million) in June 2024, with chemical industry products accounting for the largest share at SAR704.2 million.
Saudi Arabia has committed to enhancing trade exchange with India, as both countries are strategic partners working together to expand shared economic opportunities. Recent reports revealed that the value of Saudi Arabia’s non-oil exports to India exceeded SAR23 billion in 2023. In the last five years (2019-2023), Saudi non-oil exports to India totaled around SAR100 billion, reflecting the strength and competitiveness of Saudi products in Indian markets.
A new era of strategic partnership
Economic relations between Saudi Arabia and India continue to grow. India is Saudi Arabia’s second-largest trading partner and Saudi Arabia ranks fourth among India’s largest trading partners. This notable growth in economic cooperation underscores the strong and historic ties between the two countries.
During his official visit to India in February 2019, His Highness Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, emphasized the historic relations between the Kingdom and India. This visit marked the beginning of a new era of strategic partnership between the two nations. Moreover, it led to the establishment of the Saudi-Indian Strategic Partnership Council, co-chaired by the Crown Prince and the Indian prime minister, with broad ministerial representation covering all areas of cooperation.
Saudi Exports boosts India presence
As ties between India and Saudi Arabia expand further, the Saudi Export Development Authority (Saudi Exports) has taken effective steps to enhance the presence of Saudi products and services in the Indian market. The authority focused on aspects that contribute to strengthening economic cooperation and developing non-oil exports.
The authority has also sounded its keenness on participating in international exhibitions to support Saudi exporters in showcasing their products and services to parties and visitors as well as signing trade deals that expand their export scope.
Food products sector vital to non-oil export growth
For instance, Saudi Exports is participating under the “Made in Saudi” identity at the Anuga India 2024 exhibition in Mumbai between August 28 and 30. The authority’s pavilion features 25 leading national companies in the food products sector. This reflects Saudi Exports’ commitment to expanding the export scope of Saudi products and enhancing their presence in global markets, in line with Saudi Vision 2030, which aims to diversify income sources and develop non-oil exports.
The authority’s participation also highlights the importance of the food products sector as one of the promising sectors contributing to the increase in non-oil exports between Saudi Arabia and India. The value of exports from this sector exceeded SAR19 billion in 2023.
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