Saudi non-oil exports record historical levels

Saudi Arabia announced, Sunday, recording the highest historical level in its non-oil exports at the monthly level, the authorities in the Kingdom amended the draft regulation for maritime agents, in a step aimed at contributing to supporting exporters and the national industrial sector by providing containers to meet demand and supply the market in abundance of them.

Saudi Arabia provided facilities, most notably the reduction of the bank guarantee in favor of the port administration in which the irrevocable, unconditional and unconditional activity of 500,000 riyals ($133,000) was to be carried out, after it was in the previous list of two million riyals (533 thousand dollars); That is, a reduction of 75%.

Saudi non-oil exports recorded during the month of June the highest monthly figure in its history, reaching 23.5 billion riyals, of which 21 billion were for export, and 2.5 billion for re-export, while in the same month of 2020, the value of non-oil exports reached 16.8 billion riyals, and it exceeded the 20 billion barrier in the months of March, April and May consecutively for the first time.

The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, said that the record of non-oil exports last June to the highest number in its history is the result of supporting and empowering the authorities, and as a result of a joint effort by a number of parties to overcome obstacles, such as financing and infrastructure.

 It is also an indication of the Kingdom’s comprehensive renaissance in various fields, saying: “We look forward to more efforts by the Saudi Export Development Authority and the Saudi Export-Import Bank.”

China is the most prominent export destination last June, as the Kingdom’s exports to it amounted to 3 billion riyals, followed by the UAE with a value of 2.8 billion riyals, then Belgium with a value of 1.3 billion, followed by India and Bahrain with a value of 1.2 billion riyals and 1.1 billion respectively. .

Saudi economic diversification, within the framework of the Kingdom’s vision, is based on increasing the contribution of the non-oil sectors to the national income, and thus enhancing non-oil exports by increasing them and opening up to global markets, improving the efficiency of the export environment, developing export capabilities, and promoting exporters and their products.

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