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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n