Saudi Arabia’s non-oil exports surge by 7.5% amid economic diversification efforts

Saudi Arabia’s non-oil exports, including re-exports, witnessed a notable increase of 7.5 per cent in August 2024, reaching US$7.33 billion compared to the same period in 2023, according to data released by the General Authority for Statistics (GASTAT). This growth highlights the Kingdom’s ongoing efforts to diversify its economy as part of Vision 2030, reducing reliance on oil revenues and expanding other sectors. This is reported by Arab News.

The non-oil export growth also marked an 8.13 per cent rise from July, further reflecting the momentum behind the Kingdom’s economic transformation. GASTAT noted that the ratio of non-oil exports, including re-exports, to imports climbed to 42.5 per cent in August 2024, up from 38 per cent in the same month last year. This increase was due to the significant rise in non-oil exports, combined with a 3.9 per cent reduction in imports during the same period.

Among the top non-oil export categories, chemical products led the way, accounting for 25.8 per cent of total non-oil shipments, with a year-on-year growth of 9.3 per cent. Plastics and rubber products followed closely, making up 23.9 per cent of non-oil exports, registering a 1 per cent increase compared to August 2023.

The value of re-exported goods also saw a strong uptick, rising by 18.9 per cent year on year, underscoring the Kingdom’s expanding role in global trade.

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