Saudi Arabia’s Non-Oil Exports Surge to Two-Year High in May
In a promising development, Saudi Arabia’s non-oil exports soared to a two-year high in May, hitting SR28.89 billion ($7.70 billion). This marked an impressive 8.2 percent increase compared to the same period in 2023.
Significant Growth and Diversification Efforts
The General Authority for Statistics reported a substantial 26.93 percent growth in non-oil exports from April to May, underscoring Saudi Arabia’s commitment to strengthening the non-oil private sector. This push is part of the Kingdom’s broader strategy to diversify its economy and reduce its dependence on oil revenues.
Merchandise Exports on the Rise
Merchandise exports also experienced growth, with a 5.8 percent increase in May compared to the previous year. This growth was primarily driven by a 4.9 percent rise in oil shipments. Month-over-month, merchandise exports saw a 3.3 percent increase from April to May.
Shift in Oil Trade Share
The share of oil trade in total exports slightly decreased to 72.4 percent in May, down from 73 percent in the same month the previous year. GASTAT noted that the ratio of non-oil exports to imports rose to 41.1 percent in May 2024, up from 39 percent in May 2023.
Key Export Sectors and Trading Partners
Chemical and allied products dominated Saudi Arabia’s non-oil exports in May, accounting for 23.8 percent of total shipments. China emerged as the Kingdom’s primary trading partner, with exports to the Asian nation totaling SR15.91 billion. South Korea, India, the UAE, Japan, and Bahrain were also among the top destinations for Saudi exports.
Imports and Entry Points
On the import side, China led the way, comprising 25 percent of incoming shipments in May 2023. King Abdulaziz Sea Port in Dammam served as the primary entry point for goods into Saudi Arabia, with a value of SR16.56 billion accounting for 23.6 percent of total imports.