Riyadh: Saudi Arabia has succeeded in increasing its overall exports of reinforced steel five-fold last year (2018).
According to official statistics, Saudi exports of reinforced steel increased by 516 per cent in 2018 to top 472.1 thousand tonnes, generating SAR1 billion.
In 2017, Saudi Arabia exported 76,800 tonnes which were sold overseas for SAR169.5 million.
Last year, Riyadh authorities lifted the ban on exporting reinforced steel, which enabled Saudi factories to sell part of their surplus abroad.
Saudi reinforced steel was exported mainly to China, Turkey and Singapore, according to figures compiled by Saudi Customs.
Large quantities of reinforced steel were also exported to many other countries in the region, particularly Bahrain, the UAE, Jordan, Kuwait, Lebanon, Oman and Egypt, Eqtisadiah reported.