25 Nov 2024
RIYADH: Saudi Arabia’s non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 percent compared to the same period in 2023, according to official data.
As reported by the General Authority for Statistics, the Kingdom exported non-oil goods worth SR19.58 billion to the UAE, followed by India and China at SR6.78 billion and SR6.48 billion.
Chemical products led Saudi Arabia’s non-energy exports in the third quarter, accounting for 25.5 percent of total shipments, marking a 5.3 percent annual rise. Plastic and rubber products followed, comprising 24.9 percent of the total, with an 8.9 percent increase compared to the third quarter of 2023.
Strengthening the non-oil private sector is a key objective under Saudi Arabia’s Vision 2030 as the Kingdom works to diversify its economy and reduce reliance on crude oil revenues.
“The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in the third quarter of 2024 from 34.9 percent in the third quarter of 2023. This was due to a 16.8 percent increase in non-oil exports and an 11.4 percent increase in imports over that period,” said GASAT.
In October, Moody’s projected the Kingdom’s non-hydrocarbon real gross domestic product would grow between 5 percent and 5.5 percent from 2025 to 2027, driven by increased government spending.
The International Monetary Fund projected the Saudi economy would expand by 4.6 percent in 2025, supported by diversification efforts to strengthen the non-oil private sector.
However, GASTAT highlighted that overall merchandise exports decreased by 7.3 percent year on year in the third quarter, primarily due to a 14.9 percent drop in oil exports.
Consequently, oil exports as a share of total exports fell to 71.3 percent in the third quarter from 77.3 percent recorded during the same period last year.
To stabilize the market, Saudi Arabia implemented a production cut of 500,000 barrels per day in April 2023, a reduction extended until December.
Key trade partners
China remained Saudi Arabia’s top export destination in the third quarter, receiving SR41.94 billion worth of goods. Japan and South Korea followed at SR25.62 billion and SR25.50 billion, respectively, while India received SR24.35 billion.