Saudi Arabia’s non-oil exports rise 10.5% in Q2 2024

Saudi Arabia’s non-oil exports increased by 10.5 per cent in Q2 of 2024 compared to the same period in 2023, the General Authority for Statistics (GASTAT) reported, highlighting the continued diversification of the kingdom’s economy.

According to the International Trade Bulletin released by the agency, national non-oil exports, excluding re-exports, grew by 1.4 per cent in Q2 2024, while the value of re-exported goods surged by 39.1 per cent over the same period.

Overall, the value of non-petroleum exports, including re-exports, rose by 4.3 per cent.

Despite this growth in non-oil exports, total commodity exports decreased by 0.2 per cent in Q2 2024 compared to Q2 2023, largely due to a 3.3 per cent decline in petroleum exports.

This resulted in the share of petroleum exports in Saudi Arabia’s total exports falling to 75 per cent from 77.4 per cent in the same quarter of the previous year. Additionally, the value of imports decreased by 5.6 per cent year-on-year.

Saudi Arabia’s total oil exports drop in June

The International Trade Bulletin for June 2024 reported that the value of non-oil exports, including re-exports, reached SAR21.6bn in June, up from SAR20.1bn in June 2023, marking an increase of SAR1.5bn, or 7.3 per cent.

On the other hand, oil exports were valued at SAR66.3bn in June, down from SAR73.2bn in June 2023, reflecting a decline of SAR6.8bn, or 9.3 per cent. This reduction in oil exports was the primary factor behind the overall decrease in merchandise exports, which totalled SAR87.9bn in June 2024, compared to SAR93.3bn in June 2023, a drop of SAR5.4bn, or 5.8 per cent.

Meanwhile, the kingdom’s merchandise imports stood at SAR57.7bn in June, compared to SAR60.8bn in June 2023, showing a decrease of SAR3.1bn, or 5.1 per cent.

Non-oil merchandise exports in May

In other news, in May, Saudi Arabia’s non-oil merchandise exports to Gulf Cooperation Council (GCC) countries reached SAR10.99bn($2.9 billion), up from SAR 8.43 billion in May 2023, according to figures from the General Authority for Statistics.

During the same period, imports from GCC countries saw a slight increase from SAR6.03bn to SAR6.24bn.

As a result, Saudi Arabia’s non-oil trade balance with the GCC improved significantly, climbing to SAR4.74bn in May from SAR2.40bn a year earlier.

The UAE remained Saudi Arabia’s largest non-oil trading partner within the GCC, with non-oil exports from the UAE to Saudi Arabia increasing from SAR4.90bn in May 2023 to SAR6.07bn in May 2024.

Imports from the UAE also rose, from SAR3.63bn to SAR4.54bn, resulting in an improved trade balance of SAR1.52bn up from SAR1.26bn last year.

Read: Saudi Arabia hits important economic milestone: Non-oil activities at 50% of GDP