Saudi Arabia's non-oil exports surge 16.8pc

RIYADH, Nov 24 (Arab News): Saudi Arabia's non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 per cent compared to the same period in 2023, according to official data.

As reported by the General Authority for Statistics, the Kingdom exported non-oil goods worth SR19.58 billion to the UAE, followed by India and China at SR6.78 billion and SR6.48 billion.

Chemical products led Saudi Arabia's non-energy exports in the third quarter, accounting for 25.5 per cent of total shipments, marking a 5.3 per cent annual rise. Plastic and rubber products followed, comprising 24.9 per cent of the total, with an 8.9 per cent increase compared to the third quarter of 2023.

Strengthening the non-oil private sector is a key objective under Saudi Arabia's Vision 2030 as the Kingdom works to diversify its economy and reduce reliance on crude oil revenues.

"The ratio of non-oil exports (including re-exports) to imports increased to 36.6 per cent in the third quarter of 2024 from 34.9 per cent in the third quarter of 2023. This was due to a 16.8 per cent increase in non-oil exports and an 11.4 per cent increase in imports over that period," said GASAT.

Moody's projected the Kingdom's non-hydrocarbon