Arab News, Wed, Apr 24, 2024 | Shawwal 15, 1445
Saudi Arabia’s non-oil exports surge by 4.4% in February: GASTAT
Saudi Arabia:
Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent
in February compared to the same period the previous year, official data
showed.
According to the General Authority for Statistics,
the total value of non-oil exports in February reached SR21.86 billion ($5.83
billion), marking a rise from SR20.93 billion in the corresponding period of the
preceding year.
The increase in non-oil shipments was driven by an
8.3 percent surge in the exports of rubber and plastic products in February,
constituting 24.1 percent of the total exports.
Strengthening the non-oil private sector remains
pivotal for Saudi Arabia, as the Kingdom continues its economic diversification
efforts aimed at reducing reliance on oil.
The report unveiled a 4.1 percent year-on-year
decrease in the Kingdom’s non-oil exports, excluding re-exports, in February.
Conversely, the value of re-exported goods surged by 32.3 percent during the
same period.
However, GASTAT noted that Saudi Arabia’s overall
merchandise shipments decreased by 2 percent in February compared to the
year-ago period.
This decline was primarily attributed to a 3.8
percent decrease in oil exports in February compared to the same month in 2023,
according to the report.