Saudi Arabia’s non-oil exports climb 19% in July: GASTAT
Saudi Arabia’s non-oil exports surged by 19.04 percent to reach SR25.38 billion ($6.76 billion) in July, compared to the same month of the previous year, official data showed, Arab News reports.
According to the General Authority for Statistics, chemical and allied products led non-oil exports, accounting for 25.8 percent of total outbound shipments in July, marking a 1.3 percent year-on-year increase.
Plastic and rubber products followed, comprising 25.6 percent of total non-oil exports in July, representing a rise of 6.5 percent compared to the same month the previous year.
Bolstering non-oil exports is one of the pivotal goals outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom steadily reduces its dependence on oil as part of its economic diversification strategy.
According to the GASTAT report, Saudi Arabia exported non-oil goods worth SR4.46 billion to the UAE in July, followed by China and India at SR2.66 billion and SR1.74 billion, respectively.
The value of non-oil goods shipped to Bahrain in July stood at SR983 million, while Türkiye and Singapore received shipments worth SR851.2 million and SR692.9 million, respectively.
The report also revealed that Saudi Arabia’s overall merchandise exports increased by 2 percent year-on-year in July, despite a 3.1 percent decrease in oil exports.
To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024.
