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FINANCIAL NEWS
Saudi wheat consumption to grow 25.9%
12 Jun 2010
(MENAFN) A report issued by Business Monitor International (BMI) showed that wheat consumption in Saudi Arabia is forecast grow by f 25.9 percent, while production is expected to fall drastically, with output plummeting by 73.4 percent to 2014, SPA reported
The (Saudi Arabia Agribusiness Report Q3 2010) forecast that by the end of the period, Saudi Arabia will be overwhelmingly reliant on imported wheat with annual imports to be between 2.5 million and 3 million tons.
The report also said that with wheat import bill soaring, rising by an estimated 22 percent in 2010 alone, the government is looking for ways to cut costs.
Moreover, rice consumption is forecast to grow by 14.2 percent over the forecast period, with the rise mainly in line with population growth.
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