Chemical products led the non-oil export categories, accounting for 26.8 percent of the total
\nRIYADH
\nSaudi Arabia\u2019s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom\u2019s push to diversify its economy away from oil dependence.
\nAccording to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8 percent of the total, while plastics and rubber products followed, contributing 23.7 percent.
\nThe rise in non-oil exports is a cornerstone of Saudi Arabia\u2019s broader Vision 2030 strategy, which aims to transform the Kingdom\u2019s economic landscape and reduce reliance on oil revenues.
\n\u201cThe ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in October 2024 from 30.1 percent in October 2023. This was due to a 12.7 percent increase in non-oil exports and a 3.8 percent decrease in imports over that period,\u201d GASTAT said in its report.
\nWhile non-oil trade climbed, total merchandise exports fell 10.7 percent in October, primarily driven by a 17.3 percent drop in oil exports. The share of oil in overall exports declined to 72.6 percent from 78.3 percent a year earlier, reflecting the Kingdom\u2019s ongoing commitment to reducing its dependence on crude sales.
\nSaudi Arabia implemented a voluntary oil production cut of 500,000 barrels per day in April 2023, a measure that remains in place until December 2024 to stabilize global markets.
\nChina remained Saudi Arabia\u2019s largest trading partner, importing goods worth SR14.95 billion, or 16.1 percent of the Kingdom\u2019s total exports in October. Other major destinations included India with SR8.79 billion, Japan with SR8.70 billion, and South Korea with SR8.31 billion.
\nOn the import side, Saudi Arabia\u2019s inbound shipments fell 3.8 percent year on year to SR72.01 billion. Machinery and equipment topped the list, comprising 25.7 percent of total imports, marking a 6.9 percent annual increase. However, transportation equipment imports declined 21.6 percent, representing 15.3 percent of the total.
\nChina also dominated Saudi imports, sending goods worth SR17.58 billion in October, followed by the US with SR5.69 billion and the UAE with SR4.34 billion.
\nKing Abdulaziz Sea Port in Dammam served as the leading entry point for imports, processing goods valued at SR21.16 billion, or 29.4 percent of total inbound shipments.
\nSaudi Arabia\u2019s latest trade data highlights its progress in bolstering non-oil sectors while navigating global oil market challenges, aligning with its long-term economic transformation goals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chemical products led the non-oil export categories, accounting for 26.8 percent of the total RIYADH Saudi Arabia\u2019s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom\u2019s push to diversify its economy away from oil dependence. According to the General Authority for Statistics, chemical products led the […]<\/p>\n","protected":false},"author":2,"featured_media":451716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-451695","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n