Friday, June 21, 2024
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Saudi Arabia’s Non-oil Exports Increased by 3.3%: GASTAT.

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

According to the General Authority for Statistics, while national non-oil exports fell 5.2 percent, the value of re-exported goods increased by 31.5 percent during the same period.

This trend emphasizes Saudi Arabia’s burgeoning role as a logistical hub—a key goal of the Kingdom’s Vision 2030 economic diversification strategy.

The Kingdom has made significant investments in its transport and logistics infrastructure, capitalizing on its strategic location at the crossroads of Europe, Asia, and Africa.

Major projects, such as the expansion of key ports and establishing logistics zones like the King Salman Energy Park, are intended to streamline the movement of goods and improve supply chain efficiency. Furthermore, Saudi Arabia has hosted many international forums and conferences, including the Supply Chain and Logistics Conference, to attract global investors and foster discussion about industry advancements.

On another note, a 4.9 percent increase in merchandise exports in March this year demonstrated the Kingdom’s export sector’s resilience to global economic fluctuations.

China emerged as a key destination for Saudi exports, absorbing 14.9% of the total in the first quarter of 2024 and 16.4% of the total shipment in March alone. In March, the country was also the top importer in the Kingdom, accounting for 21.2% of total imports, followed by the United States (8.7%) and the UAE (6.9%).

Despite a decline, chemical products remained a significant portion of non-oil exports, accounting for 25.1% of this sector in the first three months of 2024 and 28.1 percent of total shipments in March.

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Friday, June 21, 2024

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