Latest news with #InternationalTradeStatisticsBulletin
Leaders
30-04-2025
- Business
- Leaders
GASTAT Reports 13.1% Growth in Non-Oil Exports for 2024
The General Authority for Statistics (GASTAT) has released its 2024 International Trade Statistics Bulletin, revealing a 13.1% year-on-year increase in non-oil exports, including re-exports. Despite this growth, total merchandise exports fell by 4.5% compared to 2023, while imports climbed by 12.5%. The bulletin highlighted an improvement in the ratio of non-oil exports to imports, rising slightly to 35.3% in 2024 from 35.1% the previous year. At the same time, the proportion of oil exports in total exports declined from 77.3% in 2023 to 73.1% in 2024. Among non-oil exports, products from the chemical industry dominated, making up 25.5% of the total. On the import side, machinery, electrical equipment, and parts were the leading category, accounting for 25.3% of imports. China remained Saudi Arabia's largest trading partner, receiving 15.2% of the Kingdom's total exports and supplying 23.9% of its imports in 2024 Related Topics : GASTAT: Saudi Arabia's Unemployment Rate Declines to 3.5% in Q4 2024 Saudi Travel Connect: SAR, flynas Launch Unified Booking King Abdulaziz Public Library Publishes 'Saudi Coffee' Book Saudi Arabia's Non-Oil Exports Hike 19% in July: GASTAT Short link : Post Views: 21 Related Stories
Arabian Business
30-04-2025
- Business
- Arabian Business
Saudi non-oil exports up over 13%; imports up 12.5%
Saudi Arabia's General Authority for Statistics (GASTAT) issued the 2024 International Trade Statistics Bulletin, showing a 13.1 per cent increase in non-oil exports (including re-exports) compared to 2023. However, total merchandise exports declined by 4.5 per cent year-on-year, while imports rose by 12.5 per cent in 2024. According to the bulletin, the ratio of non-oil exports (including re-exports) to imports increased to 35.3 per cent in 2024, up from 35.1 per cent in 2023. Saudi imports and exports Meanwhile, the share of oil exports in total exports decreased from 77.3 per cent in 2023 to 73.1 per cent in 2024. The bulletin showed that 'chemical industry products' topped the list of non-oil exports, accounting for 25.5 per cent of the total, while 'machinery, electrical equipment, and parts' led imports with a 25.3 per cent share. China remained Saudi Arabia's top trading partner in merchandise trade, accounting for 15.2 per cent of total Saudi exports in 2024, while imports from China accounted for 23.9 per cent of the Kingdom's total imports during the same year.
Asharq Al-Awsat
30-04-2025
- Business
- Asharq Al-Awsat
GASTAT: Saudi Non-Oil Exports Rose by 13.1% in 2024
Saudi Arabia's General Authority for Statistics (GASTAT) said in the 2024 International Trade Statistics Bulletin that there was an 13.1% increase in non-oil exports (including re-exports) compared to 2023. However, total merchandise exports declined by 4.5% year-on-year, while imports rose by 12.5% in 2024. According to the bulletin, the ratio of non-oil exports (including re-exports) to imports increased to 35.3% in 2024, up from 35.1% in 2023. Meanwhile, the share of oil exports in total exports decreased from 77.3% in 2023 to 73.1% in 2024. The bulletin showed that 'chemical industry products' topped the list of non-oil exports, accounting for 25.5% of the total, while 'machinery, electrical equipment, and parts' led imports with a 25.3% share. China remained Saudi Arabia's top trading partner in merchandise trade, accounting for 15.2% of total Saudi exports in 2024, while imports from China accounted for 23.9% of the Kingdom's total imports during the same year.
Asharq Al-Awsat
28-03-2025
- Business
- Asharq Al-Awsat
Rise in Non-Oil Exports Strengthens Saudi Arabia's Economic Diversification Efforts
Saudi Arabia's non-oil exports continued their upward trajectory, reflecting the Kingdom's ongoing efforts to diversify its economy. According to data from the General Authority for Statistics (GASTAT), non-oil exports, including re-exports, grew by 10.7% in January, while excluding re-exports, they increased by 13.1%. The International Trade Statistics Bulletin for January, published by GASTAT, reported a 2.4% growth in Saudi Arabia's total merchandise exports compared to the same period last year. Meanwhile, oil exports saw a slight decline of 0.4% in January. The share of oil exports in total exports also dropped from 74.8% in January 2024 to 72.7% in January 2025. This increase in non-oil exports is a positive indicator of the success of Saudi Arabia's economic policies in diversifying income sources beyond oil, according to Dr. Abdullah Al-Jassar, a member of the Saudi Association for Energy Economics. Speaking to Asharq Al-Awsat, Al-Jassar emphasized that this growth did not happen by chance but was the result of a comprehensive strategy to develop the manufacturing sector, which has become a key driver of the non-oil economy. Notably, chemical industry products accounted for 23.7% of total non-oil exports. He also highlighted that major improvements in logistics infrastructure, supported by the National Industrial Development and Logistics Program (NIDLP), have enhanced export efficiency and strengthened the connection between Saudi-made products and global markets—solidifying the Kingdom's position as a key trade hub. China: A Key Trade Partner According to the latest data, China remains Saudi Arabia's top trading partner, accounting for 15.2% of the Kingdom's total exports, while imports from China made up 26.4% of total imports. This underscores Saudi Arabia's strong presence in Asian trade, Al-Jassar noted. Imports and Trade Surplus Despite an 8.3% increase in imports, the trade surplus declined by 11.9%. However, Al-Jassar explained that this decline should be viewed within the broader context of Saudi Arabia's structural economic transformation. The rise in imports is largely driven by an increase in production inputs that support industrial expansion rather than consumer goods. Economic policy expert Ahmed Al-Shihri told Asharq Al-Awsat that the 10.7% growth in non-oil exports reflects the success of investments in industrial sectors, particularly the chemical industry, which accounted for 23.7% of non-oil exports. This growth indicates an improvement in production capacity and international competitiveness. 'The increase in non-oil exports is driven by enhancements in industrial infrastructure, government support for the private sector, and rising global demand for Saudi non-oil products. This shift reduces the Kingdom's dependence on oil as the primary revenue source, making the economy more resilient to fluctuations in oil prices. Furthermore, the rise in the ratio of non-oil exports to imports—from 35.7% to 36.5%—suggests a healthier trade structure that supports long-term economic sustainability,' Al-Shihri added. Vision 2030 Saudi Vision 2030 continues to drive non-oil sector growth through various initiatives, including enhancing local content, boosting exports, attracting foreign investments, and expanding economic and logistics zones. Al-Jassar believes that the continuation of these strategies will establish Saudi Arabia as an emerging export powerhouse in the coming years, further strengthening its global economic standing.
