Arab News, Sat, May 25, 2024 | Dhu al-Qadah 17, 1445
Saudi Arabia’s non-oil exports up 3.3%: GASTAT
Saudi Arabia:
Saudi Arabia’s non-oil exports saw an annual rise of 3.3 percent in the first
quarter of 2024, fueled by an increase in the value of re-exports, according to
official data.
According to the General Authority for Statistics,
while national non-oil exports experienced a slight dip of 5.2 percent, the
value of re-exported goods surged by 31.5 percent during the same period.
This trend underscores Saudi Arabia’s burgeoning
role as a logistical hub – a key goal of the Kingdom’s Vision 2030 economic
diversification strategy.
Leveraging its strategic geographic location at
the crossroads of Europe, Asia, and Africa, the Kingdom has invested heavily in
its transport and logistics infrastructure.
Major projects such as the expansion of pivotal
ports and the establishment of logistics zones like the King Salman Energy Park
are designed to streamline the movement of goods and enhance supply chain
efficiency.
Moreover, Saudi Arabia has hosted numerous
international forums and conferences, such as the Supply Chain and Logistics
Conference, to attract global investors and foster dialogue on advancements in
the sector.
On another note, a 4.9 percent uptick in
merchandise exports in March of this year underlined the resilience of the
Kingdom’s export sector amidst global economic fluctuations.
China emerged as a pivotal destination for Saudi
exports, absorbing 14.9 percent of the total in the first quarter of 2024, and
16.4 percent of the total shipment during March alone.
The nation also ranked first for the Kingdom’s
imports in March, constituting 21.2 percent of the total imports, followed by
the US with 8.7 percent and the UAE with 6.9 percent.
Despite a decline, chemical products remained a
significant portion of non-oil exports, constituting 25.1 percent of this sector
in the first three months of 2024, and 28.1 percent of total shipments in March
alone.
This underscores the Kingdom’s focus on leveraging
its petrochemical industry, a key pillar of Vision 2030.
In a separate bulletin, GASTAT highlighted that
non-oil exports and re-exports in March rose by 2.9 percent compared to
February, and slipped by 0.8 percent compared to March 2023.
While national non-oil exports, excluding
re-exports, saw an annual decrease of 6.3 percent in March, the value of
re-exported goods increased by 17.6 percent during the same period.
During the first quarter of 2024, the proportion
of oil exports out of the total value declined from 78.2 percent to 76.1
percent. Imports, on the other hand, increased by 6.4 percent.
In the first quarter, compared to the same period
in 2023, both merchandise exports and non-oil exports, including re-exports,
decreased by 1.4 percent and 0.2 percent respectively.
Meanwhile, imports saw a 0.3 percent decline,
resulting in a 3.8 percent decrease in the merchandise trade balance surplus.
In March, merchandise exports declined by 5.9
percent, largely driven by a 7.3 percent decrease in oil exports, leading to a
drop in the proportion of oil exports from 78.1 percent to 76.9 percent compared
to March 2023.
Conversely, imports increased by 1 percent, while
the surplus of the merchandise trade balance decreased by 17.2 percent compared
to March 2023.
This period also witnessed a slight decrease in
the ratio of non-oil exports, including re-exports, to imports, which fell to
34.7 percent from 35.8 percent in the previous year, attributed to a significant
increase in imports by 6.4 percent, compared to a 3.3 percent rise in non-oil
exports.
In the first three months of this year, China was
the leading source of the Kingdom’s imports at 20.9 percent, followed by the US
at 8.1 percent and the UAE at 6.8 percent. Imports from these and other top
sources accounted for 63.4 percent of the total.
King Abdulaziz Sea Port in Dammam was the major
entry point for goods into the Kingdom, accounting for 27.4 percent of total
imports.
Other key ports included Jeddah Islamic Port with
18.8 percent, King Khalid International Airport in Riyadh with 14.2 percent,
King Abdulaziz International Airport in Jeddah with 8.1 percent, and King Fahad
International Airport in Dammam with 6.1 percent.
Together, these five ports handled 74.6 percent of
the Kingdom’s total merchandise imports.
According to GASTAT, primary imported goods
include machinery, electrical equipment, and parts, constituting 24.1 percent of
total imports, rising by 21.4 percent from March 2023.
King Abdulaziz Sea Port in Dammam played a vital
role as one of the primary ports for goods entering the Kingdom, comprising 28.9
percent of total imports.
Other significant entry points included Jeddah
Islamic Port, King Khalid International Airport in Riyadh, King Abdulaziz
International Airport, and King Fahad International Airport in Dammam.
Together, these five ports accounted for 76.3
percent of the Kingdom’s total merchandise imports in March.