Saudi Arabia’s Non-Oil Exports Soar in July
In a remarkable surge, Saudi Arabia’s non-oil exports skyrocketed by 19.04 percent to reach SR25.38 billion ($6.76 billion) in July, compared to the same month of the previous year, as per official data.
Leading the Way: Chemical and Allied Products
According to the General Authority for Statistics, chemical and allied products led the pack in non-oil exports, making up 25.8 percent of total outbound shipments in July, marking a 1.3 percent year-on-year increase.
Plastic and Rubber Products Follow Suit
Following closely behind, plastic and rubber products comprised 25.6 percent of total non-oil exports in July, showcasing a significant rise of 6.5 percent compared to the same month the previous year.
Vision 2030 in Action
Bolstering non-oil exports is a key objective outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom takes strides to reduce its reliance on oil as part of its economic diversification strategy.
Key Export Destinations
The GASTAT report revealed that Saudi Arabia exported non-oil goods worth SR4.46 billion to the UAE in July, with China and India following at SR2.66 billion and SR1.74 billion, respectively.
Market Stabilization Efforts
To stabilize the market, Saudi Arabia reduced its oil production by 500,000 barrels per day in April 2023, a cut that has now been extended until December 2024.
Imports on the Rise
In July, Saudi Arabia’s imports also saw a significant increase of 12.6 percent year-on-year, reaching SR75.22 billion, while the surplus in the merchandise trade balance decreased by 25.4 percent during the same period.
Top Trading Partners
China maintained its position as Saudi Arabia’s top trading partner for imports in July, with shipments worth SR19.10 billion, followed by the US, Germany, and the UAE at SR5.43 billion, SR3.83 billion, and SR3.62 billion, respectively.
Primary Entry Point: King Abdulaziz Sea Port
King Abdulaziz Sea Port in Dammam emerged as the primary entry point for goods, with imports valued at SR22.78 billion, accounting for 30.3 percent of total inbound shipments.