Saudi Arabia's non-oil exports rise 7.3pc

FE Team | Published: August 22, 2024 23:49:01

RIYADH, Aug 22 (Arab News): Saudi Arabia's non-oil exports increased by 7.3 per cent in June, reaching SR21.59 billion ($5.75 billion) compared to the same month last year, official data showed.
According to data from the General Authority for Statistics, chemical and allied products led the non-oil exports, accounting for 27.7 per cent of the total outbound shipments, a 3.8 per cent rise from June 2023.
Plastic products followed, comprising 25.7 per cent of non-oil exports, up 2.8 per cent year on year.
Saudi Arabia's focus on increasing non-oil exports is a key part of its Vision 2030 strategy to diversify the economy. By expanding sectors like chemicals and manufacturing, the Kingdom aims to reduce its reliance on oil, boost industrial growth, and build a more resilient economy.
The report highlighted that the Kingdom exported SR4.46 billion worth of non-oil products to the UAE in June, followed by China at SR2.66 billion and India at SR1.74 billion.
Bahrain imported SR983 million in non-oil goods, while Turkiye and Singapore received SR851.2 million and SR692.9 million worth of products, respectively.
However, compared to May, non-oil exports decreased by 26.4 per cent.
GASTAT report also highlighted that the Kingdom's overall merchandise exports fell by 5.8 per cent in June to SR87.90 billion. This decline was attributed to a 9.3 per cent drop in oil exports, following Saudi Arabia's decision to reduce crude output as part of the OPEC+ agreement.
To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024.
On the import side, GASTAT noted a 5.1 per cent decrease in June, with the total value falling to SR57.71 billion.
China remained Saudi Arabia's top trading partner for imports, with shipments worth SR12.08 billion, followed by the US, the UAE, and India at SR5.21 billion, SR3.79 billion, and SR2.78 billion, respectively.
King Abdulaziz Sea Port in Dammam was the primary entry point for goods, with imports valued at SR15.69 billion, representing 27.2 per cent of the total.