RIYADH: According to official data, Saudi Arabia’s non-oil exports increased by 10.5% year over year in the second quarter of 2024, driven primarily by shipments to China and the United Arab Emirates.
The General Authority for Statistics reports that non-oil goods worth SR15.07 billion were sent to the Kingdom’s Gulf neighbour, with SR7.08 billion going to the Asian powerhouse, out of the SR51.16 billion ($13.63 billion) registered by the sector in the three months to the end of June.
The UAE imported mechanical appliances and machinery SR5.83 billion, followed by shipments of chemical products and transport equipment for SR1.48 billion and SR3.68 billion, respectively.
Increasing non-oil exports is at the core of Saudi Arabia’s Vision 2030 economic diversification strategy, which aims to have the industry account for 50% of non-oil GDP by the end of the ten years.
In the second quarter of 2024, Bahrain and India were among the other countries that imported goods worth SR5.79 billion and SR5.48 billion, respectively, from Saudi Arabia. Singapore imported non-oil goods worth SR3.13 billion, while products worth SR2.93 billion and SR2.40 billion were shipped to Turkey and Belgium, respectively.
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Saudi Arabia’s Non-oil Exports are Led by China and the UAE in Q2: GASTAT
