Closing bell: Saudi stocks continue to rise, end week on positive note

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RIYADH: Saudi Arabia’s ports witnessed a 21.14 % improve in container volumes to 693,523 twenty-foot equal items in March 2023 from 572,475 TEUs in March 2022, in response to Saudi Ports Authority, additionally known as Mawani.

The rise was fueled by a 17.74 % acquire in exports in March 2023 to 195,495 TEUs final month from 166,045 TEUs within the year-ago interval.

Imported containers rose 37.5 % to 224,221 TEUs in March 2023 from 162,876 items. 

Transshipments registered a 12.83 development to 274,807 TEUs in opposition to the earlier yr’s 243,554 items.

The month-to-month cargo tonnage in March equaled 26,102,998 tons, indicating a 5.81 % uptick from 24,670,510 tons within the earlier yr.

The cargo tonnage included 523,513 tons of common cargo, 4,588,115 tons of liquid bulk cargo and 13,594,542 tons of dry bulk cargo. 

Meals volumes additionally jumped 37.52 % final month to achieve 1,487,327 tons, up from 2,045,428 tons within the corresponding interval a yr in the past. 

The info revealed that livestock imports noticed a 496.26 % yearly spike, hitting 623,644 cattle heads from 104,592.

Furthermore, whereas automobile volumes climbed 11.42 % in March in comparison with the identical interval in 2022, the variety of vessels that dropped anchor at Saudi ports elevated by 12.52 %.

As for passenger visitors, it noticed a 21.16 % yearly rise, amounting to 104,575 passengers from 86,308 passengers, confirmed the info.

Nevertheless, the expansion price of the general container visitors of Saudi ports paled forward of the February 2023 figures. It clocked a 7.76 % improve in container visitors in February 2023, dealing with 622,837 items in comparison with the identical month a yr earlier.

There have been a number of initiatives by Mawani to additional develop the nationwide maritime sector, optimize its operational effectivity, and create an efficient regulatory and legislative atmosphere that facilitates streamlined processes.

These actions align with the Nationwide Transport and Logistics Technique’s goal of remodeling Saudi Arabia into a global logistics hub linking three main continents.

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