Saudi Arabia’s non-oil exports to the UAE reached SR7.10 billion ($1.89 billion) in January, marking a 10% increase. This surge highlights Saudi Arabia’s ongoing efforts to diversify its economy beyond oil. Machinery and mechanical equipment led the increase, with exports totaling SR3.46 billion. Transport parts followed with SR1.74 billion, according to the General Authority for Statistics (GASTAT).
The rise in non-oil exports is a sign of the Kingdom’s continued progress in its economic diversification strategy. In December, Saudi Arabia’s non-oil exports to the UAE were valued at SR6.46 billion, which was lower than previous months. This shift reflects the country’s effort to reduce dependence on oil revenues.
Saudi Arabia’s Purchasing Managers’ Index (PMI) further reflects the growth in the non-oil sector. In February, the PMI stood at 58.4, demonstrating the continued expansion of this sector. The Kingdom’s February PMI reached 60.5, its highest in ten years. This data supports the growing strength of non-oil activities as the Kingdom moves forward with its Vision 2030 plan, aiming to boost non-oil GDP.
In addition to machinery and transport parts, Saudi Arabia exported SR307 million worth of plastic goods in January. Other top exports included base metals at SR288.2 million and chemical products at SR266.2 million. China was another significant destination for non-oil exports, receiving SR2.22 billion worth of goods, with plastic products and chemicals as the primary exports.
India also emerged as a key destination, importing goods valued at SR2.00 billion, a 7.5% increase from the previous month. Other notable markets included Turkey, the US, and Qatar. The UAE was the top recipient of Saudi non-oil exports, underlining the strong economic ties between the two nations.
Saudi Arabia’s total non-oil exports for January reached SR26.48 billion, a 10.7% increase from the previous year. This aligns with Saudi Arabia’s broader goal of economic diversification. The Kingdom’s non-oil activities now account for 52% of GDP, with the sector growing at an annual rate of 20% since the launch of Vision 2030.
Saudi Arabia’s growth in non-oil exports demonstrates the Kingdom’s successful economic transformation as it reduces its reliance on oil revenues and enhances its trade relations with global markets.
