GASTAT: Saudi Arabia’s Non-Oil Exports Soar by 19.7%
Saudi Arabia recorded a 19.7 percent year-on-year increase in non-oil exports in November, reaching SR26.92 billion ($7.18 billion). This growth supports the Kingdom’s ongoing efforts to diversify its economy.
According to the General Authority for Statistics (GASTAT), chemical products led the surge, contributing 24 percent of total non-oil exports. Plastic and rubber products followed, comprising 21.7 percent of shipments.
Expanding the non-oil sector is a cornerstone of Saudi Arabia’s Vision 2030 initiative, which aims to transform the nation’s economy and reduce dependence on oil revenues. The Minister of Economy and Planning Faisal Al-Ibrahim stated in November that non-oil activities now account for 52 percent of the country’s gross domestic product (GDP).
EXPORTS AND IMPORTS
In its latest report, GASTAT highlighted: “The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in November 2024, up from 34.8 percent in November 2023. This was driven by a 19.7 percent rise in non-oil exports alongside a 13.9 percent increase in imports during the same period.”
Despite these gains, Saudi Arabia’s total merchandise exports declined by 4.7 percent year on year in November, primarily due to a 12 percent drop in oil exports. This brought the share of oil exports in total shipments down to 70.3 percent, compared to 76.3 percent a year earlier—a sign of progress in diversifying the economy.
China remained Saudi Arabia’s top trading partner, with exports to the country totaling SR13.53 billion in November. Other significant export destinations included Japan (SR8.93 billion), the UAE (SR8.75 billion), and India (SR8.74 billion).
Imports into Saudi Arabia rose by 13.9 percent year on year in November, reaching SR73.65 billion. However, the merchandise trade surplus decreased by 44.3 percent during the same period, falling to SR16.89 billion.
China was also the leading supplier of goods to the Kingdom, accounting for SR20.11 billion of imports, followed by the United States (SR7.52 billion) and the UAE (SR3.90 billion).
King Abdulaziz Sea Port in Dammam was the primary entry point for imports, handling goods valued at SR18.19 billion, which represented 24.7 percent of total inbound shipments.
Related Topics :
Saudi Arabia’s Industrial Index Climbs 3.4% in November: GASTAT
Umrah Performers Skyrocket by 35% in Q3 2024: GASTAT
GASTAT, UNICEF Partner to Enhance Multiple Indicator Cluster Surveys
Oil Rises 1% in Dull Trading Before Christmas Holiday