Saudi non-oil exports grew significantly in July, increasing 19.04% to SAR 25.38 billion, or $6.76 billion, the General Authority for Statistics said in data compiled today. 

Chemical and allied industries products accounted for 25.8 percent of the total non-oil exports in July, and have increased by a very respectable 1.3 percent in the same period year-over-year. This was followed by plastics and rubber products at 25.6 percent. 

This is on the same page with Saudi Arabia’s Vision 2030, a transformational program aimed at weaning the Kingdom off its oil dependence through diversification of the economy. 

According to the GASTAT report, this month saw the UAE as the biggest recipient of non-oil goods in Saudi Arabia. Imports amounted to SR4.46 billion in July. Next in the list were China and India, which recorded SR2.66 billion and SR1.74 billion, respectively. Other significant recipients include Bahrain at SR983 million, then followed by Türkiye at SR851.2 million and Singapore at SR692.9 million. 

While a disappointing decline of 3.1 percent came in on oil exports, overall merchandise exports for the Kingdom still were up 2 percent year-over-year in July. The overall resilience comes as Saudi Arabia continues to slow its oil production-it cut production 500,000 barrels per day in April 2023, a cut extended through December 2024. 

Exports of oil as a percentage of total exports decreased to 73.1% in July from 77% one year earlier. On a month-to-month basis, overall merchandise exports in Saudi Arabia were up a healthy 6.5% and non-oil shipments were up 13% compared with June. 

On the import front, July recorded 12.6 percent year-on-year growth, as total imports rose to SR75.22 billion. In a nutshell, at a time when imports were climbing steadily, the merchandise trade surplus declined by 25.4 percent as the Kingdom’s trade landscape continues to evolve with time. 

China retained its position as the top import partner of Saudi Arabia in July, with import shipments valued at SR19.10 billion. In third place were the U.S., Germany and the UAE at SR5.43 billion, SR3.83 billion and SR3.62 billion, respectively. 

King Abdulaziz Sea Port in Dammam continues to act as an entry point for most of the imports coming into the Kingdom, at SR22.78 billion, or 30.3 per cent. 

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