Saudi Arabia: Apricot Market 2024

Apricot Market Size in Saudi Arabia

The Saudi apricot market fell dramatically to $X in 2022, declining by -15.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a strong increase. Apricot consumption peaked at $X in 2021, and then dropped markedly in the following year.

Apricot Exports

Exports from Saudi Arabia

In 2022, the amount of apricots exported from Saudi Arabia surged to X tons, picking up by 39% compared with 2021. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 357%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, apricot exports soared to $X in 2022. Over the period under review, exports recorded a temperate increase. The most prominent rate of growth was recorded in 2013 with an increase of 258% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Bahrain (X tons), Kuwait (X tons) and Oman (X tons) were the main destinations of apricot exports from Saudi Arabia, together accounting for 90% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +24.4%), while the other leaders experienced a decline.

In value terms, Bahrain ($X), Kuwait ($X) and Oman ($X) were the largest markets for apricot exported from Saudi Arabia worldwide, with a combined 87% share of total exports.

Bahrain, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average apricot export price stood at $X per ton in 2022, increasing by 11% against the previous year. Overall, the export price, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2019 when the average export price increased by 20%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United Arab Emirates ($X per ton) and Oman ($X per ton), while the average price for exports to Kuwait ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+9.2%), while the prices for the other major destinations experienced mixed trend patterns.

Apricot Imports

Imports into Saudi Arabia

In 2022, imports of apricots into Saudi Arabia fell dramatically to X tons, reducing by -16% against 2021. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.6% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 50% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, apricot imports dropped to $X in 2022. In general, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 60% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Jordan (X tons) constituted the largest apricot supplier to Saudi Arabia, with a 63% share of total imports. Moreover, apricot imports from Jordan exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. South Africa (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Jordan amounted to +16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5.0% per year) and South Africa (-0.7% per year).

In value terms, Jordan ($X) constituted the largest supplier of apricots to Saudi Arabia, comprising 60% of total imports. The second position in the ranking was held by South Africa ($X), with a 14% share of total imports. It was followed by Turkey, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Jordan totaled +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+2.0% per year) and Turkey (+8.4% per year).

Import Prices by Country

The average apricot import price stood at $X per ton in 2022, with an increase of 3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2021 an increase of 24% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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