Saudi Arabia to import more wheat

Wheat imports for Saudi Arabia are projected to move upward in 2024-25 to 4.25 million tonnes, a 2% increase from 4.16 million tonnes in 2023-24, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA). In its semi-annual report on Oct. 21, the FAS said wheat production in Saudi Arabia is projected to reach 1.5 million tonnes, up from 1.2 million tonnes in 2023-24 and a sharp increase from the estimated 625,000 tonnes in 2022-23. Domestic wheat consumption was estimated at 4.512 million tonnes in 2023-24 and is projected to grow 4% annually. The General Food Security Authority (GFSA), the country’s monopsony wheat importer, has a mandate to purchase up to 1.5 million tonnes of locally produced wheat in 2024-25 to help meet expected consumption of 4.69 million tonnes. Russia was the dominant wheat supplier to Saudi Arabia in 2023-24 with a 49% market share, followed by EU-27 at 41% and Brazil at 10%. Consumption of corn, ...