The total value of the Kingdom's non-oil exports and imports in 2007 increased by 22 percent to SR104468 million compared to exports in 2006, amounting to SR85529 million or an increase of SR18939 million in the period covered. The weight of exports rose in 2007 by 12 percent to 39693 tons, compared to 35286 tons in 2006, the Saudi Press Agency reported on Friday. The most important exported commodities by the Kingdom last year were petrochemicals, plastics, base and manufactured metals and re-export commodities. The largest recipients of Saudi exports included the United Arab Emirates, China, Kuwait and Qatar, respectively. The Kingdom's export recipients included the Gulf Cooperation Council countries, non-Arab and Muslim Asian states, Arab countries and Western Europe, respectively. The Department of General Statistics and Information said in its report that the total value of the Kingdom's imports last year increased by 29 percent to SR338088 million compared to SR261402 million in 2006. The weight of imports rose by 7 percent to 50181 tons compared to 46736 tons in the previous year. The main commodities imported during the past year were electrical machines, equipment and tools, transport machines, base and manufactured metals and foodstuff. The Kingdom's largest import partners included the United States, China, Germany and Japan, respectively. The Kingdom's import partners included the countries of Western Europe, non-Arab and Muslim Asian states, North American states and non-Arab Islamic states, respectively. The value of the imports from the GCC countries increased by 18 percent to SR14446 million compared to SR12260 million in the previous year. The total value of exports of the Kingdom's non-oil exports to the GCC countries over the past year increased by 23 percent to SR24549 million compared to SR19952 million in the previous year. Meanwhile, Saudi Basic Industries Corp (SABIC) is considering investments in iron ore mines overseas to reduce the impact of rising prices on its steel production unit, a magazine reported on Wednesday. Demand for steel in Saudi Arabia has been outpacing supply, and competitors of Hadeed, the steel producer that SABIC controls, have been raising prices, SABIC Chief Executive Officer Mohamed al-Mady said on Tuesday. SABIC, the Gulf's largest steel maker, is looking at possible investments in iron ore mining, London-based MEED said, citing a source close to the company. It gave no further details. Hadeed can produce as much as 5.5 million tons per year of steel, according to the Web site of Arab Steel, an industry association. Mutlaq Al-Morished, SABIC's chief financial officer could not immediately be reached for comment. Morished said in November SABIC will almost triple steel output by 2020, but was not seeking steel acquisitions beyond its home region. SABIC's sources of iron ore include Turkey and Ukraine, Morished said. It sold its stake in a Mauritanian iron ore venture last November to Qatar's Industries Qatar, saying returns would be too low. __
