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Saudi Arabia’s Exports of Goods other than Oil Rise 3.3%: GASTAT

RIYADH: According to official data, Saudi Arabia’s non-oil exports increased by 3.3% year on year in the first quarter of 2024, boosted by an increase in the value of re-exports.

Based to the General Authority for Statistics, while national non-oil exports fell slightly by 5.2 percent, the value of re-exported goods increased by 31.5 percent during the same period. This development emphasizes Saudi Arabia’s growing role as a logistical hub, a key goal of the Kingdom’s Vision 2030 economic diversification plan.

The Kingdom of Morocco has invested heavily in its transport and logistics infrastructure, taking advantage of its strategic location at the crossroads of Europe, Asia, and Africa.

Significant projects, such as the expansion of critical ports and the establishment of logistics zones such as the King Salman Energy Park, are intended to streamline the movement of goods and improve supply chain efficiency.

While national non-oil exports, excluding re-exports, decreased by 6.3 percent annually in March, re-exported goods increased by 17.6 percent during the same period.

During the first quarter of 2024, the proportion of oil exports out of the total value declined from 78.2 percent to 76.1 percent. Imports, on the other hand, increased by 6.4 percent.

Furthermore, Saudi Arabia has hosted many international forums and conferences, such as the Supply Chain and Logistics Conference, to attract global investors and promote dialogue on industry advancements.

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