Yemeni-Saudi trade exchange for better future [Archives:2002/32/Business & Economy]

BY MAHYOOB AL-KAMALI
YEMEN TIMES STAFF
The Yemen Customs Authority offer various customs facilities for importers and exporters, among these facilities is offering discounts in customs duties amounting to 10 percent to foreigners and 25 percent for expatriates. Customs resources have reported that during the first half of this year, customs revenues obtained at Haradh inlet in Hajja governorate and al-Buqah inlet in Sada governorate have amounted to YR 1,470, 894,124 billion, i.e. with an increase of YR 290 million compared to the same period of last year.
Trade exchange agreements between Saudi Arabia and Yemen has enhanced growth of Yemeni exports to Saudi markets and increased volume of Yemeni imports of goods and commodities from Saudi Arabia.
General Manager of Customs office at Haradh border inlet Ahmed Mohammed al-Haj said trade exchange between Yemen and Saudi Arabia is witnessing a noticeable boom. The value of Yemeni exports to Saudi markets has reached YR 5 billion and 900 million during the first half of this year. The value of Yemeni exports through the Haradh inlet for the last year reached to YR 8 billion. The amount of customs revenues, at this inlet, in the first half of this year, is amounted to over YR 694 million. In addition to this, the revenues of consumption tax totaled YR 525,300,000 million.
Customs facilities, offered at Haradh border inlet, helped increase of travel movement between Yemen and Saudi Arabia, as the number of travellers to Yemen during the first half of this year reached 204, 709 thousand.
Yemeni authorities give a renewable 3-month residence permit for foreigners, and this in fact redoubles the volume of tourism revenues.
Total amount of revenues of Yemeni exports to Saudi markets through al-Buqah border inlet, for the period of January-June this year reached YR 949 million. Efforts are in full swing to improve customs procedures at the inlet to facilitate exporting services and offering the best services to importers. The Director-General of al-Buqah customs office, Ahmed Rasae says that increase percentage in the volume of exports, during the first half of this year, reached to 265 per cent realizing an amount of YR 251 million, resulting an increase of YR 183 million compared to the same period of last year.
A new customs complex is to be built nearby the inlet aimed at upgrading the level of customs performance.
Agreements between Yemen and Saudi Arabia have been recently signed with a view of enhancing commodities transport movement and individuals travel movement all aiming at development of trade exchange.

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