Latest news with #SR515
Saudi Gazette
28-04-2025
- Business
- Saudi Gazette
Saudi Arabia's non-oil exports hit historic high of SR515bn in 2024
Saudi Gazette report RIYADH — Saudi Arabia's non-oil exports recorded a high performance in 2024 with a total value of SR515 billion, the highest in its history. Exports grew by 13% compared to the previous year, in addition to an increase of more than 113% since the launch of Vision 2030, reflecting the diversity of the national economy and confirming the competitiveness of Saudi products and services in global markets, the Saudi Press Agency reported. The growth included all export sectors. Merchandise exports rose to SR217 billion (+4%), driven by an increase in petrochemical and non-petrochemical exports by 2% and 9%, respectively. Re-exports reached SR90 billion, a 205% growth since the Vision's launch. Service exports reached an all-time high of SR207 billion, a 14% growth compared to the previous year and a 220% growth since the Vision's launch. "The historic performance of non-oil exports in 2024 is a culmination of Saudi Arabia's ongoing efforts to diversify the economy and increase the competitiveness of national products," said Eng. Abdulrahman Al-Dhakir, CEO of the Saudi Export Development Authority. He also emphasized that the Authority enables national companies to access new markets and enhance their export readiness through integrated programs that include training, empowerment, promotion, and advisory services, among others. It also continues to support the goals of the Kingdom's Vision 2030, to build a prosperous economy in which non-oil exports contribute effectively as one of the pillars of sustainable growth. Petrochemical exports reached SR149 billion in 2024 (68% of total commodity exports), recording a 2% increase in value year-on-year, as well as in weight. Non-petrochemical exports recorded a remarkable performance, reaching SR69 billion (representing 32% of total commodity exports), the highest value in years. Record figures were recorded for the export of more than 205 Saudi products, including food and dairy products, minerals, and building materials. Fertilizer exports recorded exceptional performance, with the weight of products reaching a historic high in 2024, increasing by 5% year-on-year and more than five times its value since the launch of the vision. Meanwhile, Saudi Arabia's re-export sector recorded historic performance in 2024, reaching a value of SR90 billion, achieving a growth of 205% compared to 2016, a 42% increase year-on-year, and a 114% increase compared to 2019. This performance was primarily supported by the re-export of mobile phones, which alone reached a record value of SR25 billion, more than double their value in 2023. This remarkable growth is attributed to the operation of the integrated logistics zone at King Khalid International Airport, which has contributed to increasing the efficiency of supply chains and facilitating re-export operations. Machinery, mechanical devices, transportation equipment, and their parts accounted for 84% of total re-exports in 2024. Re-exports of aircraft parts also witnessed significant growth, with Saudi Arabia beginning exports in 2022 at a value of SR1.6 billion, rising to more than SR2 billion in 2024. Saudi Arabia exported to more than 180 countries in 2024, with 37 countries recording record import values, including the UAE, Bahrain, Iraq, the Sultanate of Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries also achieved record import volumes, most notably Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria. Services exports also reached a record high, increasing 14% year-on-year and 220% since 2016, reaching SR207 billion in 2024. This growth was driven by the travel and tourism sector, which increased by 270% since 2016. Saudi Arabia welcomed approximately 30 million international tourists in 2024, and this contributed to a 150% increase in travel exports compared to 2019, representing 74% of total service exports. The Kingdom also recorded a 69% increase in the number of international tourists compared to pre-pandemic levels, and a 148% increase in tourism revenues compared to 2019. The Kingdom led the G20 countries in tourist arrivals, growing by 73% in the first seven months of 2024 compared to the same period in 2019. Meanwhile, the transportation sector contributed 12% of the total service exports, achieving a 5% year-on-year growth.
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia's non-oil exports surge 113% since Vision 2030 launch
RIYADH: Saudi Arabia's non-oil exports have surged 113 percent since the launch of Vision 2030 to reach SR515 billion ($137 billion) in 2024, new figures showed. This number marks a 13 percent year-on-year rise compared to the previous year, the Saudi Press Agency reported. The newly released figures fall in line with Saudi Vision 2030's goal of building a prosperous economy, with non-oil exports positioned as a key driver of long-term, sustainable development. It also aligns with the Kingdom's objective to increase the proportion of non-oil exports to 50 percent of the non-oil gross domestic product by 2030. Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, credited the milestone to ongoing efforts to diversify the economy and enhance the competitiveness of Saudi products. He emphasized the authority's commitment to supporting businesses through programs focused on training, market access, promotion, and advisory services. The report highlighted robust growth across all export sectors. Merchandise exports rose 4 percent year on year to SR217 billion, fueled by a 2 percent increase in petrochemical exports and a 9 percent jump in non-petrochemical exports. Re-exports recorded remarkable growth, reaching SR90 billion in 2024 — a 205 percent surge since 2016. Services exports also hit an all-time high of SR207 billion, representing a 14 percent year-on-year increase and a 220 percent leap compared to the beginning of Vision 2030. Petrochemical commodity exports accounted for SR149 billion—68 percent of total commodity exports—while non-petrochemical goods, including food, dairy products, minerals, and construction materials, reached SR69 billion, the highest in recent years. Fertilizer exports saw notable expansion, with volumes rising 5 percent year-on-year and values increasing more than fivefold since 2016. A major driver behind the rise in re-exports was the booming trade in mobile phones, which more than doubled to SR25 billion in 2024. The integrated logistics zone at King Khalid International Airport also contributed to supply chain efficiencies, further boosting re-export activities. Machinery, automated devices, transportation equipment, and related parts made up 84 percent of re-exports, while re-exports of aircraft parts climbed from SR1.6 billion in 2022 to over SR2 billion in 2024. Saudi Arabia's export network now spans over 180 countries, with 37 nations setting new import records in 2024. Key markets include the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria also recorded unprecedented import levels. The Kingdom's services sector, particularly travel and tourism, played a pivotal role in export growth. Services exports reached a record SR207 billion, driven largely by a 270 percent increase in the travel and tourism sector since 2016. Saudi Arabia hosted around 30 million international tourists in 2024, resulting in a 150 percent rise in travel exports compared to 2019, which now account for 74 percent of all service exports. Tourism revenues surged by 148 percent compared to pre-pandemic levels, while international tourist arrivals rose 69 percent. Saudi Arabia also topped the G20 in tourism growth, recording a 73 percent increase during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12 percent to total services exports, with a 5 percent annual growth rate.
