RIYADH: Saudi Arabia’s non-oil exports hit a two-year high in May, reaching SR28.89 billion ($7.70 billion), an 8.2 percent increase compared to the same month in 2023. 

According to the General Authority for Statistics, the Kingdom’s non-oil exports surged by 26.93 percent in May compared to April. 

Strengthening the non-oil private sector remains a pivotal goal for Saudi Arabia as the Kingdom continues its efforts to diversify its economy and reduce its reliance on oil revenues. 

Merchandise exports also saw growth, with a 5.8 percent increase in May compared to the same period last year, driven by a 4.9 percent rise in oil shipments.  

Month-over-month, merchandise exports increased by 3.3 percent from April to May. 

The share of oil exports in total exports decreased slightly, dropping to 72.4 percent in May from 73 percent in the same month the previous year. 

“Ratio of non-oil exports (including re-exports) to imports increased to 41.1 percent in May 2024 from 39 percent in May 2023. This was due to an 8.2 percent increase in non-oil exports and a 2.6 percent increase in imports over that period,” stated GASTAT.  

The report revealed that chemical and allied products dominated the non-oil exports, accounting for 23.8 percent of total shipments in May. 

Additionally, the Kingdom’s imports rose by 2.6 percent year-on-year in May, reaching SR70.24 billion.