https://arab.news/w7t46
- Chemical products led the non-oil export categories, accounting for 26.8 percent of the total
- On the import side, Saudi Arabia’s inbound shipments fell 3.8 percent year on year to SR72.01 billion
RIYADH: Saudi Arabia’s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom’s push to diversify its economy away from oil dependence.
According to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8 percent of the total, while plastics and rubber products followed, contributing 23.7 percent.
The rise in non-oil exports is a cornerstone of Saudi Arabia’s broader Vision 2030 strategy, which aims to transform the Kingdom’s economic landscape and reduce reliance on oil revenues.
“The ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in October 2024 from 30.1 percent in October 2023. This was due to a 12.7 percent increase in non-oil exports and a 3.8 percent decrease in imports over that period,” GASTAT said in its report.
While non-oil trade climbed, total merchandise exports fell 10.7 percent in October, primarily driven by a 17.3 percent drop in oil exports. The share of oil in overall exports declined to 72.6 percent from 78.3 percent a year earlier, reflecting the Kingdom’s ongoing commitment to reducing its dependence on crude sales.
Saudi Arabia implemented a voluntary oil production cut of 500,000 barrels per day in April 2023, a measure that remains in place until December 2024 to stabilize global markets.
China remained Saudi Arabia’s largest trading partner, importing goods worth SR14.95 billion, or 16.1 percent of the Kingdom’s total exports in October. Other major destinations included India with SR8.79 billion, Japan with SR8.70 billion, and South Korea with SR8.31 billion.
On the import side, Saudi Arabia’s inbound shipments fell 3.8 percent year on year to SR72.01 billion. Machinery and equipment topped the list, comprising 25.7 percent of total imports, marking a 6.9 percent annual increase. However, transportation equipment imports declined 21.6 percent, representing 15.3 percent of the total.
China also dominated Saudi imports, sending goods worth SR17.58 billion in October, followed by the US with SR5.69 billion and the UAE with SR4.34 billion.
King Abdulaziz Sea Port in Dammam served as the leading entry point for imports, processing goods valued at SR21.16 billion, or 29.4 percent of total inbound shipments.
Saudi Arabia’s latest trade data highlights its progress in bolstering non-oil sectors while navigating global oil market challenges, aligning with its long-term economic transformation goals.