Riyadh, 24 August 2024 (TDI): Saudi Arabia’s non-oil exports increased by 10.5 percent year-on-year (YoY) in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed.
According to the General Authority for Statistics, of the SR51.16 billion (13.63 billion dollars) registered by the sector in the 3 months to the end of June, non-oil goods worth SR15.07 billion were sent to the Gulf neighbor, with SR7.08 billion going to the Asian powerhouse.
The UAE imported mechanical appliances and machinery worth SR5.83 billion, followed by shipments of transport equipment and chemical products valued at SR3.68 billion, and SR1.48 billion, respectively.
China also held the first position for Saudi Arabia’s imports, constituting 23.1% of the total incoming shipments valued at SR45.38 billion.
Saudi Arabia’s Vision 2030 economic diversification strategy has placed increasing non-oil exports at its heart, with the ambition of having the sector contribute to 50% of non-oil GDP by the end of the decade.
Other nations to import Saudi goods in the second quarter of the current year included Bahrain with a value of SR5.79 billion and India with SR5.48 billion worth of merchandise.
Singapore received SR3.13 in non-oil goods, while Turkiye and Belgium imported SR2.93 billion and SR2.40 billion worth of products, respectively.
GASTAT noted that national non-oil exports excluding re-exports also registered a rise of 1.4% in the second quarter of this year, compared to the corresponding period in 2023.
The authority revealed that chemical and non-allied products led Saudi non-oil exports during the second quarter, constituting 25.6% of the total outgoing shipments.
Also Read More: Saudi Arabia’s Non-Oil Exports Surge As Trade Relations with China Flourish
Plastic products from the Kingdom accounted for 24.3% of the total non-oil exports from Saudi Arabia in the second quarter.
King Fahad Industrial Sea Port in Jubail sent the majority of the non-oil exports from the country, with outgoing shipments worth SR11.20 billion.
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