The total Saudi exports are expected to reach 197.4 billion U.S. dollars in 2008, Director of Saudi Exportation Development Center Eid Al-Qahtani said here on Thursday.
The visiting Saudi official told local media that exports of oil products, a mainstay of Saudi economy, will jump to about 173 billion dollars in 2008, while non-oil Saudi exports are also expected to increase to 24 billion dollars.
Al-Qahtani indicated several factors behind the exports growth, such as the implementation of several petrochemical projects, the increase of the Saudi financial and credit exportation budget, which is about to mount to 3.73 billion dollars.
He also noted that offers presented by the Saudi Industrial Development Fund for financing new industrial projects will also contribute to the increase of exports.
Saudi Arabia is the largest oil producer and exporter in the world and its share in the Organization of the Petroleum Exporting Countries (OPEC) is estimated at 10 million barrels daily, in addition to about two million barrels for local consumption.
The official called on Saudi exporters to enhance their presence in the world markets by boosting their relations with foreign importers and benefitting from Saudi membership in the World Trade Organization (WTO).