Saudi Arabia Raises Import Duty To Offset Plunging Oil Revenues

Saudi Arabia is looking to boost its non-oil revenues while its oil revenue is taking a hit in the low oil prices and is raising customs duties on hundreds of imported products as of June 10. The Saudis will be lifting import duties on products ranging from meat, dairy, and vegetables to chemicals, vehicles, and building materials. The import fees on those products will be raised by between 0.5 percentage point and 15 percentage points, starting next week.    The increased import duties are yet another move from the world’s top…