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Saudi imports from UAE jump back up in August

Reuters
·1 min read

DUBAI, Oct 25 (Reuters) - The value of Saudi Arabia's imports from the United Arab Emirates (UAE) in August increased by about 31% month on month, official data showed on Monday, jumping back from a steep decline in July after the kingdom imposed new rules on imports from other Gulf countries.

Imports from neighbouring UAE rose to 4.1 billion riyals ($1.09 billion) from 3.1 billion riyals in July, according to data from the General Authority for Statistics. On an annual basis, UAE imports increased by about 47%.

The monthly increase follows a 33% decline in July, when Saudi Arabia amended rules on imports from other Gulf Cooperation Council (GCC) countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, a move seen as a challenge the UAE's status as the region's trade and business hub. ($1 = 3.7507 riyals) (Reporting by Davide Barbuscia; Editing by Giles Elgood)