https://arab.news/y2bch
RIYADH: Outgoing chemical shipments picked up pace significantly prompting the Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November, according to data released by Gastat.
Exports of chemicals or allied industries expanded went up by 70.6 percent from a year ago and made up 34 percent of non-oil merchandise exports.
Sales of plastics and rubber also increased, rising by a yearly rate of 38.4 percent.
The ratio of non-oil exports to imports jumped to 52.6 percent in November, up from 42.3 percent in the previous month, as imports increased by only 1.4 percent compared to the higher growth of non-oil sales, Gastat pointed out in its latest report.
Moreover, oil exports surged by 112.8 percent and its share of total exports increased to 75.8 percent in November, up from 65 percent in the same month of the previous year. Overall merchandise exports leaped 82.5 percent from a year earlier.
China was the Kingdom’s main trading partner, accounting for 17.2 percent of total exports and 20.6 percent of imports. India and Japan were other major recipients of Saudi goods and services, buying 11.6 percent and 9.6 percent, respectively, of exports. South Korea, the US, the UAE and Egypt were also among the top 10 exporting destinations.
In addition, the US and the UAE provided Saudi Arabia with 11.4 percent and 6 percent, respectively, of its imports.
Looking at the major customs ports for imports, Gastat said that 25.9 percent of total purchases came through the Jeddah Islamic Sea Port in November. It was followed by King Abdulaziz Port, King Khalid International Airport and Bat'ha.