12 August 2024

Saudi Arabia’s Non-Oil Exports Surge As Trade Ties With China Flourish – Analysis

Nirmal Narayanan

Saudi Arabia exported non-oil goods worth SR2.23 billion ($594 million) in May, representing a rise of 19.25 percent compared to the previous month, official data showed.

According to the General Authority for Statistics, China was the third-largest destination for Saudi Arabia’s non-oil products in May, behind the UAE and China, which received goods worth SR6.06 billion and SR3.62 billion, respectively.

Strengthening the non-oil private sector and exporting those goods to countries like China is crucial for Saudi Arabia, as the Kingdom is steadily pursuing its economic diversification journey by reducing its dependence on oil.

The report revealed that China was also the top destination for Saudi Arabia’s overall exports, with the Kingdom sending outgoing shipments amounting to SR15.91 billion.

In May, oil was the main export from Saudi Arabia to South Korea, with shipments totaling SR13.68 billion.

According to the latest data, Saudi Arabia exported plastics and rubber products worth SR876.9 million to China, followed by chemical products at SR851.8 million.

In May, the Kingdom also exported mineral products totaling SR313.4 million to China, while outgoing shipments of base minerals amounted to SR103.7 million.

China was also Saudi Arabia’s most important import partner in May, with incoming shipments from the Asian nation amounting to SR17.55 billion, representing a rise of 22 percent compared to April.

According to GASTAT, China was followed by the US and the UAE, with the Kingdom importing goods worth SR6.56 billion and SR4.54 billion, respectively, from these nations.

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