Beirut (Zawya Dow Jones) A number of Saudi rice traders have begun buying basmati rice from India amid indicators that the grain's price on the Saudi market will remain stable, Saudi-based Al Riyadh daily reported yesterday.
Fierce competition between Saudi rice traders will prevent a hike in prices on the local market in line with the wage raise, Saudi rice importer Mohammad Al Sha'alan, told the paper, adding that basmati rice prices for this year's crop are still stable and close to last year's prices and they range for the current year between $1,100 (Dh4,045) and $1,300 a tonne.
Saudi traders buy annually between 600,000 and 700,000 tonnes of Indian basmati rice representing 80 per cent of the kingdom's import of this rice variety with the remaining 20 per cent from Pakistan, he said, according to the daily.
Saudi annual consumption of all rice varieties totals more than 1.3 million tonnes and the average annual spending of Saudis on rice purchases amounts to more than 10 billion Saudi riyals (Dh9.79 billion), Al Sha'alan told Al Riyadh.
Customs dutie
Last phase of easing
Saudi Arabia yesterday began implementing the fifth and last phase of reducing customs duties on imported goods as part of commitments the kingdom made when it joined the World Trade Organisation, or WTO, in 2005, pan-Arab Asharq Al Awsat daily reported yesterday citing Saleh Al Khelaiwi, director general of Saudi Customs.
The cuts involve about 122 items that include chemical and plastic products, and consumer goods, the paper reports, adding that the duties, ranging between 7.6 per cent and 20 per cent, will be slashed to 5.5 per cent and 6.5 per cent.
Duties on 10 agricultural products imported in accordance with the agricultural calendar schedule will be reduced to 1 5 per cent from25 per cent, the daily says.
