Over 37k Certificates of Origin issued in Saudi Arabia in March 2023 in exports boost
Exports from Saudi Arabia saw a boost in March, with the Ministry of Industry and Mineral Resources issuing more than 37,000 certificates of origin – up from 33,000 handed over in February.
The ministry issued 37,723 COs – international trade documents declaring in which country a commodity or good was manufactured – that are used for customs clearance, payment management and import tariff concessions.
The certificates ultimately makes a product more cost-efficient to buyers and easier to sell, according to the London-based broker Trade Finance Global.
“For many products exported to foreign markets, using the correct CO, enables the buyer in the foreign country to import your product at a lower tariff, compared with other international suppliers,” said Trade Finance Global.
The first of five types of COs is provided to local products of countries within the Gulf Cooperation Council, and the second is dedicated to products of Arab countries, reported the Saudi Press Agency.
A preferential CO type is dedicated to Arab and GCC countries exporting to countries and economic federations with which they have free trade agreements.
The agency identified the fourth type of CO offered in both Arabic and English, which is reserved for the remaining countries that are not granted preferential treatment.
The last type is for the Generalized System of Preferences, the largest and oldest US trade preference program.
Saudi Arabia’s development and support of its exports fall in line with the country’s efforts to promote trade and diversify its economy under Vision 2030.
The Kingdom’s non-oil exports, including re-exports, reached SR23 billion ($6.13 billion) in January 2023, data released by the General Authority for Statistics showed.
China emerged as the top global export destination for the Kingdom in January 2023 accounting for 14.8 percent of total Saudi exports valued at SR15.6 billion.
Furthermore, the Jeddah Islamic Sea Port let through 30.8 percent of the total imports worth SR20.5 billion, making it the Kingdom’s primary port for incoming goods.
The certificates ultimately makes a product more cost-efficient to buyers and easier to sell, according to the London-based broker Trade Finance Global.
“For many products exported to foreign markets, using the correct CO, enables the buyer in the foreign country to import your product at a lower tariff, compared with other international suppliers,” said Trade Finance Global.
The first of five types of COs is provided to local products of countries within the Gulf Cooperation Council, and the second is dedicated to products of Arab countries, reported the Saudi Press Agency.
A preferential CO type is dedicated to Arab and GCC countries exporting to countries and economic federations with which they have free trade agreements.
The agency identified the fourth type of CO offered in both Arabic and English, which is reserved for the remaining countries that are not granted preferential treatment.
The last type is for the Generalized System of Preferences, the largest and oldest US trade preference program.
Saudi Arabia’s development and support of its exports fall in line with the country’s efforts to promote trade and diversify its economy under Vision 2030.
The Kingdom’s non-oil exports, including re-exports, reached SR23 billion ($6.13 billion) in January 2023, data released by the General Authority for Statistics showed.
China emerged as the top global export destination for the Kingdom in January 2023 accounting for 14.8 percent of total Saudi exports valued at SR15.6 billion.
Furthermore, the Jeddah Islamic Sea Port let through 30.8 percent of the total imports worth SR20.5 billion, making it the Kingdom’s primary port for incoming goods.