Riyadh: The Kingdom of Saudi Arabia’s non-oil exports, including re-exports, experienced a 4.4 per cent surge in February this year compared to the same month in 2023.
According to a new report released by the General Authority for Statistics (GASTAT) on Wednesday, April 24, the total value of non-oil exports in February reached 21.86 billion Saudi riyals (Rs 4,85,48,33,36,863), marking an increase from 20.93 billion Saudi Riyals (Rs 4,64,82,44,53,575) in the same period in the preceding year.
This comes as Saudi Arabia is focusing on enhancing its non-oil private sector to decrease its reliance on oil and align with its Vision 2030 goals.
The report highlighted that chemical products constituted are among the most important non-oil exports, as they constituted 25 per cent of the total non-oil exports.
Plastics, rubber and their products (representing 24.1 per cent of the total non-petroleum exports) came in second place, as they increased by 8.3 per cent from February 2023.
Additionally, the ratio of non-oil exports, including re-exports, to imports decreased in February 2024, reaching 34.6 per cent compared to 37.3 per cent in February 2023.
This decrease is attributed to the significant increase in imports, which stood at 12.3 per cent compared to the increase in non-oil exports, which was 4.4 per cent during this period.
China was Saudi Arabia’s primary merchandise trading partner in February, with exports to the Asian nation amounting to 13.2 per cent of the total.
Closely followed by India (9.9 per cent of total exports) and Japan (9.0 per cent of total exports).
South Korea, the United Arab Emirates, Poland, Egypt, the US, France, and Bahrain were the other countries that ranked among the top 10
destinations.
On the import side, China held the lead, accounting for 19.9 per cent in imports in December 2023.
King Abdulaziz Sea Port in Dammam is one of the most important ports through which goods cross into the Kingdom accounting for 26.7 per cent of total imports in February 2024.
