Saudi Arabia witnesses growth in non-oil exports

Saudi Arabia has witnessed a significant growth in non-oil exports, according to a report by the General Authority for Statistics (GASTAT). The total value of goods from this sector reached 21.86 billion Saudi shillings (US$5.83 billion), an increase from the previous year when it stood at 20.93 billion Saudi shillings (US$5.58 billion).

The rise in non-oil shipments was primarily due to an 8.3 per cent increase in exports of rubber and plastic products in February. These goods accounted for 24.1 per cent of total exports. In light of Saudi Arabia's efforts to diversify its economy and reduce its dependence on oil, strengthening the non-oil private sector is crucial for the country.

The report also indicates a sharp rise in re-exports of commodities, namely by 32.3 per cent in February. This is reported by Arab News.

Compared to January 2024, total merchandise exports increased marginally by 0.1 per cent to 95.02 billion Saudi shillings. At the same time, Saudi Arabia's imports rose by 12.3 per cent year-on-year in February. Nevertheless, the trade surplus declined by 21.8 per cent year-on-year.

Importantly, China was Saudi Arabia's main trading partner in February. Exports to China account for 19.9 per cent of total exchange.