Official data showed today, Wednesday, that the value of Saudi Arabia’s imports from the UAE fell 33 percent on a monthly basis in July, after Saudi Arabia approved rules of national origin earlier in July on imports from Gulf countries.
According to a monitoring unit of the reports in the “Al-Iqtisadiah” newspaper, Saudi imports from the UAE decreased by 1.63 billion riyals in July, compared to the previous month, to reach about 3.06 billion riyals ($818 million).
And last July, Saudi Arabia amended its rules regarding imports from the Gulf countries for the national product, according to which the origin of national goods coming from those countries is determined, whether they are fully manufactured or semi-manufactured.
The national rules of origin included more than 30 articles that separated products, the method of transportation and the mechanism of preference, in addition to the validity period of the certificate of origin.
The amendments included the treatment of goods leaving the free zones and duty-free shops to the customs office as the treatment of foreign goods, i.e. preventing them from preferential tariff privileges.
And Saudi imports from the Emirates witnessed a broad recovery during the beginning of this year, after witnessing some weakness during the past year, resulting from the impact of the outbreak of the Covid-19 pandemic, but imports in July recorded the lowest level in about 10 months.
And Muhammad Al-Jadaan, the Saudi Minister of Finance, had indicated in a tweet to him on Twitter, “The approval of the national rules of origin will contribute to the promotion of local content by supporting the Gulf national industry and promoting sustainable development.”