Saudi Arabia is entering into an era marked by a self-driven transition into a productivity-based market with a specific focus on improving its economy and government sectors and supporting small and medium enterprises.
With developmental progress underway according to its National Transformation Program 2020 and Vision 2030 initiatives — which lay out specific goals and guidelines for stimulating socioeconomic growth across sectors — the nation is working toward improvement and development. As part of its developmental efforts, Saudi Arabia is sharpening its focus on consumer goods and on improving the consumer market.
In this time of change and projected market improvement, foreign companies already involved in consumer goods business in Saudi Arabia may be looking for opportunities to expand their influence and better their business.
If you're a U.S. company hoping to advance your business and further develop your footing in consumer goods exports to Saudi Arabia, you need more than just goods to sell to succeed. Having an in-depth understanding of the Saudi business sphere, the consumer goods market and the transitions the market is undergoing according to Vision 2030 is crucial to aligning your goals with Saudi Arabia's and progressing your company in the sector.
Opportunities in Consumer Goods Exports
Representing 0.8 percent of all global imports in 2017, Saudi Arabia expends an average of $4,400 per person in product demands each year. With a goal of both expanding its economy and improving its socioeconomic conditions, the nation plans to boost its production of consumer goods and purchase imports with the best commercial prices for widespread use.
As it works to improve areas like commercial disputes settlements, counterfeiting and inflation — which has seen a recent rate of 4.4 percent per year after its transition away from the oil industry — Saudi Arabia is developing its trade partnerships and finding better deals for its imports. U.S. companies expanding their standing in the Saudi consumer goods industry should focus on selling and offering competitive prices for Saudi Arabia's top consumer goods imports, which include:
- Electrical machinery
- Iron and Steel
- Gems and precious metals
- Medical, technical and optical apparatus
- Mineral fuels
Why Choose The Quincy Group for Assistance in the Consumer Goods Industry?
When you want to expand your influence and advance your company beyond your current standing in the Saudi Arabian consumer goods industry, The Quincy Group will advise and assist you in your efforts.
With half a century of in-country experience helping U.S. companies advance their interests in Saudi Arabia, we have the knowledge, expertise, assets and strategic advice to help you advance your business goals and expand your reach. Contact us today online or at 202.461.2245 to talk about furthering your company's involvement in Saudi Arabia's consumer goods industry.