Arab News, Thu, Jul 04, 2024 | Dhu al-Hijjah 28, 1445
Saudi exporters receive over 31k certificates of origin in June in sign of robust sector
Saudi Arabia:
More than 30,000 certificates of origin were issued to Saudi manufacturers for
the 14th consecutive month in June, highlighting the robustness of the Kingdom’s
export sector.
The Ministry of Industry and Mineral Resources
granted 31,887 permits to Saudi exporters in the sixth month of the year,
supporting operations across industrial, commercial, and individual sectors.
The last time the figure dropped below 30,000 was
April 2023, according to information released by the Saudi Press Agency.
This comes as the Kingdom continues to strengthen
its local manufacturing base and promote a thriving export sector.
This initiative is part of the Kingdom’s goal
under the Vision 2030 economic transformation plan to increase the share of
non-oil exports to Saudi Arabia’s gross domestic product from 16 percent to 50
percent by the decade’s end.
The document certifies the national origin or
acquisition status of products, underscoring the ministry’s commitment to
streamline and support services for exporters across various sectors, including
industrial establishments, commercial enterprises, and individual businesses
such as farmers, fishermen, and artisans.
The permit comprises four distinct modes: one for
national products destined for Gulf Cooperation Council countries, another for
Arab nations, a preferential origin certificate, and a bilingual version
tailored for countries that do not provide preferential treatment.
The Ministry of Industry and Mineral Resources
began issuing these documents after the Cabinet decided to transfer the issuance
of COs for all national products from the Ministry of Commerce to the Ministry
of Industry.
The CO service, launched at the beginning of 2023,
also offers an electronic platform that allows businesses to obtain
certification without visiting the ministry, thus saving time and effort.
According to the London-based broker Trade Finance
Global, the certificates ultimately make a product more cost-efficient for
buyers and easier to sell.
This service also aims to support the national
industry and streamline procedures to promote the growth and development of
Saudi exports, according to the ministry.
In May, the Ministry of Industry and Mineral
Resources issued 38,319 certificates of origin as part of its initiatives to
enhance exports across diverse sectors.
Saudi exports of national origins refer to
products exported directly from Saudi Arabia, typically produced or manufactured
within the country. These exports contribute significantly to the Kingdom’s
economy, showcasing its industrial capabilities across sectors such as
petrochemicals, minerals, refined products, and agricultural goods.