Non-oil sector of Saudi Arabia is on upward trajectory
Saudi Arabia's non-oil exports saw a
significant rise of 19.04 percent in July, reaching SR25.38 billion ($6.76
billion) compared to the same period last year, according to official data from
the General Authority for Statistics (GASTAT), as reported by Arab News.
Chemical and allied products were
the top contributors, making up 25.8 percent of total non-oil exports, a 1.3
percent increase year-on-year. Close behind were plastic and rubber products,
which accounted for 25.6 percent of exports, reflecting a 6.5 percent rise from
the previous year.
Read More Saudi
Arabia's non-oil sector records robust 3.6% growth in Q3
Boosting non-oil exports is a key
objective of Saudi Arabia's Vision 2030, an initiative aimed at reducing the
country's reliance on oil and diversifying its economy.
The report highlighted that Saudi
Arabia's top non-oil export destination in July was the UAE, with exports
totaling SR4.46 billion, followed by China at SR2.66 billion and India at
SR1.74 billion. Other notable recipients included Bahrain (SR983 million),
Türkiye (SR851.2 million), and Singapore (SR692.9 million).
Read More UAE
and China major destinations of Saudi non-oil exports in Q2: GASTAT
While non-oil exports soared,
overall merchandise exports increased by 2 percent year-on-year, despite a 3.1
percent decline in oil exports. This drop followed Saudi Arabia's decision in
April 2023 to reduce oil production by 500,000 barrels per day, a measure
extended until December 2024 to stabilize global oil markets.
Source: https://en.portnews.ru/
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