Saudi Arabia's non-oil exports experience significant growth
15/10/24
Saudi Arabia witnessed a remarkable 19% surge in non-oil exports in July 2024 reaching SAR 25.4 billion (USD 6.77 billion), up from SAR 21.3 billion (USD 5.68 billion) in the same month last year.
Such growth reflects a broader trend in the Kingdom's economic diversification efforts. Notably, non-oil exports—excluding re-exports—rose by 6.5%, while the value of re-exported goods soared by an impressive 78.4%.
The General Authority for Statistics (GASTAT) published the data in its Statistical Bulletin of International Trade for July 2024. The report highlighted that total commodity exports increased by 2% to SAR 94.5 billion (USD 25.2 billion) compared to SAR 92.6 billion (USD 24.69 billion) in July 2023. In contrast, oil exports decreased by 3.1%, amounting to SAR 69.1 billion (USD 18.43 billion), down from SAR 71.3 billion (USD 19.01 billion) the previous year. Consequently, the proportion of oil exports in total exports fell from 77% in July 2023 to 73.1% in July 2024.
Moreover, the bulletin indicated a 12.6% rise in imports for July, totaling SAR 75.2 billion (USD 20.05 billion). The trade balance surplus also declined by 25.4% compared to July 2023. When analyzing month-over-month performance, commodity exports increased by 6.5% from June 2024, with non-oil exports specifically jumping by 13%. Imports rose by 8.8%, leading to a 1.8% reduction in the trade balance.
A key highlight from the report is the growth in the ratio of non-oil exports to imports, which reached 33.7% in July 2024, compared to 31.9% in July 2023. This improvement is attributed to the 19% increase in non-oil exports against a 12.6% rise in imports during the same period.
Chemicals, along with plastics, rubber and related products, constituted the largest segment of non-oil exports, accounting for 25.8% and 25.6% respectively. Conversely, machinery, electrical appliances and equipment led the imports category, representing 26.5%, followed by transportation equipment at 14.6%.
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