RIYADH: Saudi Arabia’s non-oil exports experienced a 12 percent surge in December 2023 compared to the corresponding month of the previous year, official data showed.
According to the General Authority for Statistics, the total value of non-oil exports in December reached SR26.5 billion ($7.07 billion), marking an increase from SR23.6 billion in the same period in the preceding year.
Strengthening the non-oil private sector is of utmost importance for Saudi Arabia as the country actively diversifies its economy away from oil, aligning with the objectives outlined in Vision 2030.
The report highlighted that chemical and allied products constituted the majority of exported non-oil goods in December, accounting for 32.4 percent of total non-oil merchandise exports.
Additionally, GASTAT pointed out that the ratio of non-oil exports to imports rose to 43.8 percent in December, compared to the same month in 2022. This increase was driven by a 12 percent rise in non-oil exports, contrasting with a 7.1 percent decline in imports during the same period.
