RIYADH: Saudi Arabia’s non-oil exports surged 19.7 percent year on year in November to reach SR26.92 billion ($7.18 billion), bolstering the Kingdom’s efforts to diversify its economy.
According to the General Authority for Statistics, chemical products led the growth, accounting for 24 percent of total non-oil exports, followed by plastic and rubber products, which made up 21.7 percent of shipments.
Building a robust non-oil sector is a key goal of Saudi Arabia’s Vision 2030 program, which seeks to transform the Kingdom’s economy and reduce its reliance on oil revenues, with Minister of Economy and Planning Faisal Al-Ibrahim revealing in November that these activities now constitute 52 percent of the gross domestic product.
In its latest report, GASTAT said: “The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in November 2024 from 34.8 percent in November 2023. This was due to a 19.7 percent increase in non-oil exports and a 13.9 percent increase in imports over that period.”
The Kingdom’s total merchandise exports fell 4.7 percent year on year in November, weighed down by a 12 percent drop in oil exports. This decline reduced the share of oil exports in total shipments to 70.3 percent, down from 76.3 percent a year earlier, signaling progress in Saudi Arabia’s economic diversification.
GASTAT reported that China remained Saudi Arabia’s largest trading partner in November, with exports to the Asian nation totaling SR13.53 billion.
Other key destinations for exports included Japan with SR8.93 billion, the UAE with SR8.75 billion, and India with SR8.74 billion.
Saudi Arabia’s imports rose 13.9 percent year on year in November, reaching SR73.65 billion. However, the merchandise trade surplus declined by 44.3 percent during the same period, falling to SR16.89 billion.
China remained the dominant supplier of goods to the Kingdom, accounting for SR20.11 billion of imports, followed by the US at SR7.52 billion and the UAE at SR3.90 billion.
King Abdulaziz Sea Port in Dammam emerged as the top entry point for imports, handling goods valued at SR18.19 billion, representing 24.7 percent of total inbound shipments.
