Riyadh, 9 August 2024 (TDI): Saudi Arabia exported non-oil goods worth SR2.23 billion (594 million dollars) in May, representing a rise of 19.25% compared to the previous month, official data showed.
According to the General Authority for Statistics, China was the third-largest destination for the Kingdom’s non-oil products in May, behind the UAE and China, which received goods worth SR6.06 billion and SR3.62 billion, respectively.
Strengthening the non-oil private sector and exporting those goods to nations like China is crucial for Saudi Arabia, as the Kingdom is steadily pursuing its economic diversification journey by reducing its oil dependency.
The report revealed that China was also the top destination for the Kingdom’s overall exports, with Saudi Arabia sending outgoing shipments amounting to SR15.91 billion.
Saudi Arabia’s Oil Exports
In May, oil was the main export from the Kingdom to South Korea, with shipments totaling SR13.68 billion.
According to the latest data, Saudi Arabia exported rubber products and plastics worth SR876.9 million to China, followed by chemical products at SR851.8 million.
In May, Saudi Arabia also exported mineral products totaling SR313.4 million to China, while exports of base minerals amounted to SR103.7 million.
China was also Saudi Arabia’s most important import partner in May, with incoming shipments from the Asian country amounting to SR17.55 billion, representing a rise of 22% compared to April.
Also Read More: China’s deepest oil well nears 10,000-meter mark
According to GASTAT, China was followed by the United Sates and the UAE, with the Kingdom importing goods worth SR6.56 billion and SR4.54 billion, respectively, from these countries.
The authority revealed that the Kingdom imported mechanical equipment and electrical parts worth SR8.23 billion in May from China.
It also imported transport equipment and base metals worth SR2.68 billion and SR1.61 billion, respectively, in May.
Chinese imports to Saudi Arabia also included antiques and artworks worth SR961.8 million, followed by plastic products at SR806.7 million and textile goods at SR792.4 million.
In May, the Kingdom also imported chemical products worth SR479.5 million, while it also received incoming shipments of leather, fur, and handbags from China amounting to SR118.4 million.
 in May, representing a rise of 19.25% compare....read more){kind=link}