Saudi Arabia’s non-oil exports surged 12.7 per cent year on year in October, reaching 25.38 billion riyals ($6.76bn), underscoring the kingdom’s push to diversify its economy away from oil dependence, reports Arab News.
According to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8pc of the total, while plastics and rubber products followed, contributing 23.7pc.
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 35.2pc in October 2024 from 30.1pc in October 2023.
This was due to a 12.7pc increase in non-oil exports and a 3.8pc decrease in imports over that period,” GASTAT said in its report.
While non-oil trade climbed, total merchandise exports fell 10.7pc in October, primarily driven by a 17.3pc drop in oil exports. The share of oil in overall exports declined to 72.6pc from 78.3pc 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 stabilise global markets.
China remained Saudi Arabia’s largest trading partner, importing goods worth 14.95bn riyals, or 16.1pc of the kingdom’s total exports in October. Other major destinations included India with 8.79bn riyals, Japan with 8.70bn riyals, and South Korea with 8.31bn riyals.
On the import side, Saudi Arabia’s inbound shipments fell 3.8pc year on year to 72.01bn riyals. Machinery and equipment topped the list, comprising 25.7pc of total imports, marking a 6.9pc annual increase. However, transportation equipment imports declined 21.6pc, representing 15.3pc of the total.
China also dominated Saudi imports, sending goods worth 17.58bn riyals in October, followed by the US with 5.69bn riyals and the UAE with 4.34bn riyals.
King Abdulaziz Sea Port in Dammam served as the leading entry point for imports, processing goods valued at 21.16bn riyals, or 29.4pc 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.
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