The mutual trade exchanges between Syria and Saudi Arabia is expected to hit $1 billion this year.
Projections includes the official as well as the unofficial (parallel) trade as well as being supported by expectations that the Syrian finance ministry will expand the list of products to be traded with Saudi Arabia, al Anwar daily reports. As a result, Saudi Arabia is expected to hold firm control of its status as Syria's leading trade partner, this at least for years in the near future. In the past year, trade between the two partners reached SP5.4 billion, with Saudi Arabia controlling 78 percent of the Arab Gulf exports to Syria and 59 percent of Syrian exports in the same region. (SP50=$1).
Unofficial trade estimates place levels at $465 million per annum, approximately $140 million higher than official trade numbers. Unofficial trade is primarily carried out by Saudi visitors in Syria, this assumes that they consume $365 million of Saudi products while in Syria.
© 2000 Mena Report (www.menareport.com)
