Saudi Arabia Sees Non-Oil Exports Surge by 24.6% to SR28.4 Billion in April 2024
Saudi Arabia’s non-oil exports saw a substantial increase in April 2024, surging by 24.6% year-on-year to reach SR28.4 billion. This notable growth, according to the General Authority for Statistics (GASTAT), marks a significant uptick from the SR22.8 billion registered in April of the previous year.
The primary contributors to this surge were re-exports, which jumped by a remarkable 79.8%, constituting a value of SR6.7 billion. Meanwhile, national non-oil exports, including products like plastics and chemical products, saw an increase of 14.4% compared to April 2023, reaching SR21.7 billion. These two segments combined underline the Kingdom’s efforts to diversify its economy and reduce reliance on oil revenues in line with Vision 2030.
On the import side, the data indicated a 14.5% year-on-year increase. Imports rose from SR47.5 billion in April 2023 to SR54.4 billion in April this year. The main drivers were machinery, mechanical appliances, and electrical equipment, which collectively accounted for 21.7% of the total import value.
Saudi Arabia’s top export destination remained China, which received SR4.9 billion worth of non-oil goods—making up 17.1% of total non-oil exports. The United Arab Emirates and India followed, importing SR3.2 billion (11.2%) and SR2.7 billion (9.4%) worth of Saudi non-oil products, respectively.
The report also highlighted the importance of Jeddah Islamic Port, which managed 34.6% of the Kingdom’s total imports, making it the main entry gateway for goods.
Such robust growth in the non-oil sector demonstrates Saudi Arabia’s commitment to economic transformation and its progress toward establishing a more resilient, diversified economy.
Team V.INO-LNK
