Saudi Arabia’s Non-Oil Exports to the UAE Surge in August
In August, Saudi Arabia’s neighbor UAE emerged as the top destination for the Kingdom’s non-oil goods, with exports soaring by 10.42 percent to SR6.78 billion ($1.81 billion).
Mechanical and electrical equipment worth SR2.78 billion were among the key exports to the UAE, witnessing a significant 16.80 percent increase from the previous month.
Transport equipment exports also saw a substantial rise, reaching SR2.17 billion in August, marking a staggering 57.24 percent month-on-month increase.
Vision 2030: Driving Economic Diversification Through Non-Oil Sector Growth
Boosting the non-oil private sector is a vital component of Saudi Arabia’s Vision 2030 agenda, aimed at reducing reliance on crude revenues and fostering economic diversification.
In August, chemical products valued at SR448.2 million and plastic and rubber items amounting to SR359.1 million were among the major shipments to the UAE.
The Kingdom’s Purchasing Managers’ Index surged to 56.3 in September, reflecting the robust growth of Saudi Arabia’s non-oil private sector, driven by improved sales momentum and rising new orders.
Top Destinations for Saudi Arabia’s Non-Oil Goods
Aside from the UAE, China stood out as another major destination for Saudi Arabia’s non-oil goods, with exports totaling SR2.27 billion in August.
India also emerged as a key destination, with outbound shipments reaching SR2.08 billion in August, showcasing the Kingdom’s diverse export portfolio.
Overall, Saudi Arabia’s non-oil exports in August amounted to SR27.52 billion, marking a 7.5 percent increase compared to the same period last year.
Outlook of Overall Merchandise Exports
While overall merchandise exports witnessed a decline in August, driven by a drop in oil sales, the Kingdom remains committed to market stability through strategic production cuts.
Saudi Arabia’s strong trade relations with China, South Korea, and India underscore the nation’s position as a key player in global commerce.
The strategic partnership between China and Saudi Arabia across various sectors, including energy and finance, continues to drive bilateral trade growth.
Saudi Arabia’s Imports in August
Saudi Arabia’s overall imports in August totaled SR64.78 billion, with China leading as a key import partner, followed closely by the US and India.
King Abdulaziz Port in Dammam emerged as the primary entry point for goods via sea, reflecting the Kingdom’s strategic logistics infrastructure.
Despite challenges in the global market, Saudi Arabia remains resilient in its trade relationships, adapting to changing dynamics for sustainable economic growth.