Saudi Arabia boosts non-oil trade with India

Economic relations between the Kingdom of Saudi Arabia and India have witnessed significant growth, with India emerging as the Kingdom’s second-largest trading partner and Saudi Arabia ranking fourth among India’s largest trading partners.

In February 2019, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, and Prime Minister officially visited India and emphasised the historical relations between the Kingdom and India.

The visit marked the beginning of a new era of strategic partnership between the two nations, leading 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.

Trade dynamics

Over the past five years (2019-2023), Saudi non-oil exports to India totalled around SAR 100 billion, reflecting the strength and competitiveness of Saudi products, as reported by Saudi Press Agency (SPA).

According to recent reports, the value of Saudi Arabia’s non-oil exports to India exceeded SAR 23 billion in 2023.

In June 2024, the value of Saudi Arabia’s non-oil exports to India reached approximately SAR 1.7 billion, with chemical industry products accounting for the largest share at SAR 704.2 million, followed by plastics, rubber, and their products at SAR 382.9 million, and pearls, precious or semi-precious stones at SAR 313 million.

Saudi exports are participating under the “Made in Saudi” identity at the Anuga India 2024 exhibition, held in Mumbai between August 28 and 30, with a pavilion featuring 25 leading national companies in the food products sector.

The value of exports from this sector exceeded SAR 19 billion in 2023.

On March 26, 2023, the Saudi authorities held a workshop titled “Empowering Exports to India and Bangladesh,” aimed at exploring ways to enhance the access of Saudi products into Indian markets.

High-quality Saudi dates are exported to more than 119 countries including India. The Kingdom’s production capacity of white Vannamei shrimp (King prawn) has exceeded 20,000 tons, making the Kingdom one of the main global exporters of this product.

This reflects Saudi Exports’ commitment to expanding the scope of exporting Saudi products and enhancing their presence in global markets, in line with Saudi Vision 2030.