<\/p>\n
Saudi Arabia\u2019s non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 percent compared to the same period in 2023, according to official data.\u00a0<\/span><\/p>\n As reported by the General Authority for Statistics, the Kingdom exported non-oil goods worth SR19.58 billion to the UAE, followed by India and China at SR6.78 billion and SR6.48 billion.<\/p>\n Chemical products led Saudi Arabia\u2019s non-energy exports in the third quarter, accounting for 25.5 percent of total shipments, marking a 5.3 percent annual rise. Plastic and rubber products followed, comprising 24.9 percent of the total, with an 8.9 percent increase compared to the third quarter of 2023.\u00a0<\/span><\/p>\n Strengthening the non-oil private sector is a key objective under Saudi Arabia\u2019s Vision 2030 as the Kingdom works to diversify its economy and reduce reliance on crude oil revenues.\u00a0<\/span><\/p>\n \u201cThe ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in the third quarter of 2024 from 34.9 percent in the third quarter of 2023. This was due to a 16.8 percent increase in non-oil exports and an 11.4 percent increase in imports over that period,\u201d said GASAT.\u00a0<\/span><\/p>\n In October, Moody\u2019s projected the Kingdom\u2019s non-hydrocarbon real gross domestic product would grow between 5 percent and 5.5 percent from 2025 to 2027, driven by increased government spending.<\/p>\n The International Monetary Fund projected the Saudi economy would expand by 4.6 percent in 2025, supported by diversification efforts to strengthen the non-oil private sector.<\/p>\n However, GASTAT highlighted that overall merchandise exports decreased by 7.3 percent year on year in the third quarter, primarily due to a 14.9 percent drop in oil exports.<\/p>\n Consequently, oil exports as a share of total exports fell to 71.3 percent in the third quarter from 77.3 percent recorded during the same period last year.<\/p>\n To stabilize the market, Saudi Arabia implemented a production cut of 500,000 barrels per day in April 2023, a reduction extended until December.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Saudi Arabia\u2019s non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 percent compared to the same period in 2023, according to official data.\u00a0 As reported by the General Authority for Statistics, the Kingdom exported non-oil goods worth SR19.58 billion to the UAE, followed by India and China […]<\/p>\n","protected":false},"author":1,"featured_media":2954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/11\/Saudi-Arabia-1-700x445.webp",700,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/11\/Saudi-Arabia-1-463x348.webp",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/11\/Saudi-Arabia-1-300x200.webp",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/11\/Saudi-Arabia-1.webp",700,467,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2953"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2953\/revisions"}],"predecessor-version":[{"id":2955,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2953\/revisions\/2955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2954"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}