Saudi Arabia’s non-oil exports experienced a 7.3 percent increase in June, reaching SR21.59 billion ($5.75 billion) compared to the same month last year, according to official data from the General Authority for Statistics (GASTAT).  

Chemical and allied products led the surge in non-oil exports, accounting for 27.7 percent of the total, marking a 3.8 percent increase from June 2023. Plastic products followed, representing 25.7 percent of non-oil exports, with a 2.8 percent year-on-year rise. 

This growth in non-oil exports is aligned with Saudi Arabia’s Vision 2030 strategy, which aims to diversify the economy by expanding sectors such as chemicals and manufacturing. This diversification is intended to reduce the Kingdom’s dependence on oil, stimulate industrial growth, and foster a more resilient economy. 

In June, Saudi Arabia exported SR4.46 billion worth of non-oil products to the UAE, SR2.66 billion to China, and SR1.74 billion to India. Bahrain imported SR983 million in non-oil goods, while Turkey and Singapore received SR851.2 million and SR692.9 million worth of products, respectively. 

However, compared to May, non-oil exports decreased by 26.4 percent. Additionally, the overall value of Saudi merchandise exports fell by 5.8 percent in June, totaling SR87.90 billion. This decline was attributed to a 9.3 percent drop in oil exports, following Saudi Arabia’s decision to cut crude output in line with the OPEC+ agreement. To stabilize the market, Saudi Arabia reduced its oil production by 500,000 barrels per day in April 2023, a reduction that has been extended until December 2024. 

On the import side, GASTAT reported a 5.1 percent decrease in June, with total imports falling to SR57.71 billion. China remained Saudi Arabia’s top trading partner for imports, with shipments valued at SR12.08 billion, followed by the US, UAE, and India. 

King Abdul-Aziz Sea Port in Dammam was the main entry point for goods, handling imports valued at SR15.69 billion, or 27.2 percent of the total. The rise in non-oil exports underscores Saudi Arabia’s progress in reducing its oil dependency and enhancing its industrial capabilities, which is crucial for long-term economic stability and global competitiveness.