- Chemical products led the non-oil export categories, accounting for 25.8 percent of total non-oil shipments
- Saudi Arabia’s imports decreased by 3.93 percent in August compared to the same period last year
Nirmal Narayanan
RIYADH: Saudi Arabia’s non-oil exports, including reexports, rose by 7.5 percent in August, reaching SR27.52 billion ($7.33 billion) compared to the same month last year, official data showed.
According to the General Authority for Statistics, the Kingdom’s non-oil outbound shipments also grew by 8.13 percent compared to July.
This reflects a continued push to diversify the economy in line with Vision 2030, which aims to reduce reliance on crude oil revenues.
“The ratio of non-oil exports (including re-exports) to imports increased to 42.5 percent in August 2024 from 38 percent in August 2023. This was due to a 7.5 percent increase in non-oil exports and a 3.9 percent decrease in imports over that period,” stated GASTAT.
Chemical products led the non-oil export categories, accounting for 25.8 percent of total non-oil shipments, with a 9.3 percent year-on-year increase. Plastics and rubber products followed, making up 23.9 percent of non-oil exports, rising 1 percent compared to the previous year.
The value of re-exported goods also saw a notable increase, rising 18.9 percent year on year in August.
However, Saudi Arabia’s overall merchandise exports declined by 9.8 percent in August compared to the same month last year, largely due to a 15.5 percent drop in oil exports. As a result, the share of oil exports in total exports fell to 70.3 percent in August, down from 75.1 percent a year earlier.
In an effort to stabilize global oil markets, Saudi Arabia implemented a production cut of 500,000 barrels per day in April 2023, a reduction that will remain in place until December 2024.
China remained the largest destination for Saudi merchandise exports, receiving SR14.83 billion, or 16 percent of total exports. Other key destinations included South Korea, India, and Japan, with exports amounting to SR8.94 billion, SR8.82 billion, and SR8.30 billion, respectively.
Meanwhile, Saudi Arabia’s imports decreased by 3.93 percent in August compared to the same period last year, contributing to a 21 percent reduction in the Kingdom’s merchandise trade surplus.
King Abdulaziz Sea Port in Dammam was the primary entry point for goods in August, with imports valued at SR18.48 billion, representing 28.5 percent of total inbound shipments.