Saudi Arabia’s non-oil exports surged by 19.04 percent in July, reaching SR25.38 billion ($6.76 billion), according to official data. This significant growth is compared to the same month in the previous year, as reported by the General Authority for Statistics (GASTAT).
Chemical and Plastic Products Lead Exports
Chemical and allied products dominated non-oil exports, accounting for 25.8 percent of outbound shipments. This marks a 1.3 percent increase from last year. Plastic and rubber products followed closely, comprising 25.6 percent of total exports, with a notable 6.5 percent year-on-year rise.
Boosting non-oil exports remains a key focus of Saudi Arabia’s Vision 2030 agenda. The Kingdom continues to reduce its reliance on oil, driving its economic diversification efforts forward.
Key Trading Partners for Non-Oil Goods
The UAE received the highest value of Saudi Arabia’s non-oil exports in July, worth SR4.46 billion. China followed with SR2.66 billion, and India received SR1.74 billion. Bahrain imported goods valued at SR983 million, while Turkey and Singapore saw shipments worth SR851.2 million and SR692.9 million, respectively.
Despite a 3.1 percent drop in oil exports, Saudi Arabia’s total merchandise exports grew by 2 percent year-on-year in July. Compared to June, overall merchandise exports increased by 6.5 percent, with non-oil goods seeing a 13 percent rise.
Oil Production Cuts Affect Export Share
Saudi Arabia’s efforts to stabilize the market led to a reduction in oil production by 500,000 barrels per day in April 2023. This cut, extended until December 2024, reduced the share of oil exports to 73.1 percent of total exports in July, down from 77 percent a year earlier, according to GASTAT.
In July, Saudi imports surged by 12.6 percent, reaching SR75.22 billion. The merchandise trade balance surplus, however, dropped by 25.4 percent during this period. Imports also saw an 8.8 percent increase compared to June.
Top Trading Partners in Imports
China remained Saudi Arabia’s leading trading partner for imports in July, with shipments valued at SR19.10 billion. The US, Germany, and the UAE followed closely, with import values of SR5.43 billion, SR3.83 billion, and SR3.62 billion, respectively.
Major Entry Point for Imports
King Abdulaziz Sea Port in Dammam served as the main entry point for goods, with imports valued at SR22.78 billion. This amount represents 30.3% of total inbound shipments.
This substantial growth in non-oil exports highlights Saudi Arabia’s ongoing efforts to diversify its economy and reduce reliance on oil revenue.
