Wedoany.com Report-Oct 28, Saudi Arabia’s neighbor UAE was the favorite destination for the Kingdom’s non-oil goods in August, with exports seeing a monthly rise of 10.42 percent to reach SR6.78 billion ($1.81 billion).
According to the General Authority for Statistics, Saudi Arabia exported mechanical and electrical equipment amounting to SR2.78 billion to the country, representing a 16.80 percent increase from the previous month.
Outbound shipments of transport equipment to the UAE reached SR2.17 billion in August, marking a month-on-month rise of 57.24 percent.
Bolstering the non-oil private sector is a crucial part of the Kingdom’s Vision 2030 agenda, as it steadily pursues economic diversification by reducing its dependence on crude revenues.
Other major shipments to the UAE in August were chemical products valued at SR448.2 million, and plastic and rubber items amounting to SR359.1 million.
Affirming the growth of Saudi Arabia’s non-oil private sector, the Kingdom’s Purchasing Managers’ Index reached 54.8 in August, and later accelerated to 56.3 in September.
According to the Riyad Bank PMI report, compiled by S&P Global, Saudi Arabia’s growth in the non-oil private sector was driven by improved sales momentum and rising new orders in August and September.
The report also emphasized the significance of non-oil sector growth, given current crude production cuts and declining global oil prices, and added that the Kingdom is better positioned to navigate the challenges of market fluctuations for the commodity.
Other top destinations for Saudi Arabia’s non-oil goods
According to GASTAT, China was another major destination for Saudi Arabia’s non-oil goods, with exports to the Asian giant amounting to SR2.27 billion, representing a marginal decline from SR2.38 billion in July.
The authority revealed that China imported chemical and allied products worth SR1.11 billion in August, followed by plastic and rubber products amounting to SR786.3 million.
In August, Saudi Arabia also exported mineral products amounting to SR176.6 million to China, while outbound shipments of base metals totaled SR78.7 million.
India was another major destination for the Kingdom’s non-oil products, with outbound shipments to the Asian nation in August totaling SR2.08 billion.
According to GASTAT, India imported chemical products worth SR1.55 billion, while the outbound shipment value of plastic products and base metals to the Asian nation stood at SR497.1 million and SR366.1 million, respectively.
Other top destinations for Saudi Arabia’s non-oil goods in August were Singapore, Belgium, and Egypt, which imported goods valued at SR1.22 billion, SR896.8 million, and SR842.9 million, respectively.
In August, Bahrain imported non-oil goods worth SR816.8 million from Saudi Arabia, followed by Turkiye and Jordan at 797.6 million and SR787.9 million, respectively.
Overall, Saudi Arabia’s non-oil exports – including re-exports – in August reached SR27.52 billion, representing a 7.5 percent rise compared to the same month in the previous year.
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