Latest news with #non-oil
Economy ME
14-07-2025
- Business
- Economy ME
Saudi Arabia achieves 203.2 percent growth in non-oil trade surplus exceeding $533.2 million
The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries saw an annual growth rate of 203.2 percent, exceeding SAR2 billion ($533.26 million) in April. It surged to approximately SAR3,511 million from SAR1,158 million in the same month last year. According to preliminary data from the International Trade Bulletin for April, published by the General Authority for Statistics (GASTAT) , the total volume of non-oil trade, including re-exports, between Saudi Arabia and GCC countries reached around SAR18,028 million (SAR18.028 billion). This represents a year-on-year growth of 41.3 percent, reflecting an increase of SAR5,271 million from SAR12,757 million in April 2024. Non-oil commodity exports, including re-exports, rose by 55 percent, totaling SAR10,770 million, up from SAR6,958 million in April of the previous year, marking an increase of over SAR3,812 million, as reported by the Saudi Press Agency (SPA) citing the GASTAT figures. Meanwhile, the value of national non-oil commodity exports reached around SAR3,031 million, compared to SAR2,675 million in April 2024, achieving a year-on-year growth rate of 13.3 percent, with an estimated increase of SAR356 million. Read more: Trade volume between Saudi Arabia, GCC countries surpasses $14.82 billion in Q4 2023 Surge in re-exports reaches SAR7.738 billion Additionally, the value of re-exports surged by 81 percent, reaching SAR7,738 million (SAR7.738 billion) compared to SAR4,282 million, representing an increase of SAR3,456 million. Saudi Arabia's imports from GCC countries stood at SAR7,258 million in April 2025, compared to SAR5,799 million last year, achieving a year-on-year growth of 25.2 percent, with an increase of SAR1,459 million. The data indicated that the United Arab Emirates ranked first in terms of non-oil trade volume with Saudi Arabia, amounting to SAR13,533 million, which represents about 75.1 percent of the total. Bahrain followed in second place with a trade value of SAR1,798 million (10 percent), while Oman ranked third with SAR1,454 million (8.1 percent). Kuwait was fourth with SAR819.9 million (4.5 percent), and Qatar came next with a value of SAR422.1 million (2.3 percent).
Zawya
07-07-2025
- Business
- Zawya
Oman's trade surplus drops 40% to $4.6bln
Muscat – Oman's trade surplus fell sharply by 40.4% to RO1.849bn by the end of April this year, compared to RO3.1bn recorded during the same period in 2024, according to preliminary data released by the National Centre for Statistics and Information (NCSI). The decline comes amid a 9.3% drop in the total value of commodity exports, which stood at RO7.516bn till April 2025, compared to RO8.289bn during the same period last year. The drop in exports is mainly attributed to a 15% decrease in oil and gas shipments, which totalled RO4.872bn by April 2025, down from RO5.730bn in 2024. Crude oil exports declined 16.2% to RO2.911bn, while LNG exports fell 15.3% to RO752mn. Refined oil exports also dropped 11.8%, reaching RO1.209bn. Non-oil exports In contrast, non-oil commodity exports rose 9% year-on-year, reaching RO2.183bn by the end of April 2025, compared to RO2.002bn in the previous year. Live animals and animal products topped the list, increasing 9.7% to RO133mn. Chemical and related industry products followed, growing 6.3% to RO268mn. Base metals and their products rose 5.5% to RO 471mn, while mineral product exports grew 2.7% to RO589mn. Exports of plastics and rubber inched up by 0.6% to RO312mn. Exports of other products saw strong growth of 37.1%, reaching RO410mn in April this year from RO299mn in April 2024. Re-exports decline The total value of re-exports declined by 17.1%, falling to RO462mn from RO557mn during the same period in 2024. Re-exported metal products plummeted by 55.5% to RO23mn, while transport equipment dropped 40.9% to RO94mn. Re-exports of precious metals and stones declined 19.8% to RO27mn. Machinery, electrical appliances and sound equipment re-exports dropped 3.5% to RO128mn. Other re-exports slipped 1.9% to RO131mn. However, food, beverage, and liquid product re-exports rose significantly by 24.2% to RO60mn. Imports rise 9.2% The total value of merchandise imports to Oman increased 9.2%, reaching RO5.667bn by the end of April 2025, up from RO5.189bn during the same period in 2024. Mineral products led the list of imports at RO1.521bn, rising 1.9% from the previous year. Machinery, electrical appliances, and related devices followed at RO975mn, growing by 16.5%. Transport equipment imports surged 21.3% to RO562mn. Chemical industry products reached RO544mn, up 12%, while base metals and their products increased 8.9% to RO539mn. Imports of other products totalled RO1.526bn. The United Arab Emirates (UAE) remained Oman's top non-oil trading partner, with exports to the UAE rising 24.9% to RO390mn. The UAE also led in re-exports from Oman (RO171mn) and remained the largest source of imports at RO1.283bn. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Reuters
06-07-2025
- Business
- Reuters
Egypt's non-oil business conditions deteriorate further in June, PMI shows
July 6 (Reuters) - Egypt's non-oil private sector experienced a further decline in business conditions in June, with contractions in output and new orders accelerating, according to the latest S&P Global Purchasing Managers' Index (PMI) data released on Sunday. The headline PMI fell to 48.8 in June from 49.5 in May, marking the fourth consecutive month below the 50.0 threshold that separates growth from contraction. This decline was driven by weaker demand and a sharp reduction in purchasing activity, which saw its steepest drop in 11 months. "June PMI data pointed to another mild decline in the health of the non-oil sector, driven by sustained decreases in incoming new orders and output volumes," said David Owen, economist at S&P Global Market Intelligence. "Overall expectations for future activity were the lowest ever recorded in June, reflecting subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption." Employment in the non-oil sector also decreased for the fifth month running, though the rate of job shedding was fractional. Firms expressed limited optimism towards future output, with confidence slipping to a record low. On a positive note, input cost pressures softened, leading to a slower rise in output prices and offering some relief to businesses facing inflationary pressures.
Reuters
03-07-2025
- Business
- Reuters
Saudi Arabia's non-oil sector growth quickens in June on strong demand, PMI shows
ABU DHABI, July 3(Reuters) - The expansion in Saudi Arabia's non-oil private sector activity accelerated in June, driven by robust client demand and a surge in hiring, a survey showed on Thursday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to a three-month high of 57.2 from May's 55.8, putting it further above the 50-point line denoting growth. New order growth quickened to a four-month high, with the subindex rising to 64.3 in June from 62.5 in May. Domestic sales were the primary driver of this upturn, supported by successful client acquisitions and enhanced marketing strategies. However, export sales growth remained marginal. "Firms largely linked the pickup in activity to improving sales, new project starts, and better demand conditions, although the pace of output growth was softer compared to previous highs," said Naif Al-Ghaith, chief economist at Riyad Bank. Non-oil private companies hired staff at the fastest rate since May 2011, as firms expanded teams to manage increased workloads. Input prices also rose sharply, aligning with the second-quarter trend, leading firms to pass on higher costs to customers. Output prices increased solidly, the strongest rise in a year-and-a-half, following reductions in previous months. Despite cost pressures, Saudi non-oil firms remained optimistic about future activity, the survey showed, with the Future Output Index reaching a two-year high. Confidence was buoyed by resilient domestic economic conditions and robust demand. Last month, the International Monetary Fund raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts. (This story has been corrected to say June, not May, in paragraph 1)
Arab News
03-07-2025
- Business
- Arab News
Saudi PMI rises to 57.2 in June as non-oil sector hits 3-month high
RIYADH: Saudi Arabia's non-oil private sector expanded at its fastest pace in three months in June, supported by rising domestic demand, accelerated hiring, and a pickup in purchasing activity, a survey showed. According to Riyad Bank's Purchasing Managers' Index compiled by S&P Global, the headline PMI rose to 57.2, up from the 55.8 figure recorded in May, signaling a strong improvement in business conditions and surpassing the long-run average of 56.9. The index remains well above the neutral 50 mark, indicating sustained expansion across the Kingdom's non-oil economy. The robust growth in Saudi Arabia's non-oil business activity aligns with the broader goals of the Vision 2030 program, which seeks to diversify the Kingdom's economy and reduce its reliance on oil revenues. Saudi Arabia's PMI for June outpaced that of its regional peers, with the UAE and Kuwait recording readings of 53.5 and 53.1, respectively. Naif Al-Ghaith, chief economist at Riyad Bank, said: 'The latest reading reflects a strong improvement in overall business conditions, supported by higher output levels, rising demand, and an active labor market.' He added: 'Firms largely linked the pickup in activity to improving sales, new project starts, and better demand conditions, although the pace of output growth was softer compared to previous highs.' In May, a report released by Saudi Arabia's General Authority for Statistics revealed that the Kingdom's gross domestic product grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity. Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim, who also chairs GASTAT's board, noted that the contribution of non-oil activities to the Kingdom's economic output reached 53.2 percent — an increase of 5.7 percent from previous estimates. The minister also added that the Kingdom's economic outlook remains positive, supported by structural reforms and high-quality, state-led projects across various sectors. In its latest PMI report, S&P Global stated that non-oil firms in the Kingdom reported a further rise in new orders in June, with the rate of growth continuing to accelerate from its recent low in April. Companies that participated in the survey noted that the acquisition of new clients and the benefits of enhanced marketing had improved demand growth across non-oil sectors. 'New orders continued to lead the expansion, registering the fastest growth in four months and surpassing the long-run trend. Businesses credited this increase to stronger demand, effective marketing strategies, and improved client acquisition,' added Al-Ghaith. According to the report, non-oil private companies in Saudi Arabia hired staff at the fastest rate since May 2011, as firms expanded teams to manage increased workloads. This historically strong increase continued a robust period of job creation seen since the start of 2025, with companies citing high demand for skilled staff as a driving force behind intensified recruitment efforts and increased salary offers. Consequently, overall staff costs rose at the fastest pace since the survey began in 2009. Purchasing activity accelerated to a two-year high as firms responded to rising input needs, with nearly 40 percent of respondents increasing their purchases. Input prices also rose sharply, aligning with the trend observed in the second quarter of the year. This compelled companies to pass on higher costs to customers, although some businesses opted to reduce prices as part of competitive pricing strategies. Despite price pressures, non-oil firms in Saudi Arabia remained confident of an uplift in activity over the next 12 months, with sentiment ticking up to a two-year high. S&P Global stated that this optimism for future growth was largely driven by resilient domestic economic conditions, robust demand, and improving sales pipelines. 'On the future outlook, sentiment among non-oil businesses remains highly positive. Confidence about future activity climbed to a two-year peak, supported by healthy order pipelines and stronger domestic economic conditions. However, cost pressures became more pronounced in June,' said Al-Ghaith. He noted that staff costs had risen at a record pace as firms sought to retain talent, while purchase prices recorded their fastest increase since February, partly due to stronger demand and rising geopolitical risks. 'Despite these cost challenges, firms broadly raised their selling prices, reversing the declines seen in May and signalling an improved ability to pass on higher costs to customers,' said Al-Ghaith. The PMI survey data were collected from around 400 private sector companies across the manufacturing, construction, and wholesale sectors, as well as retail and services.
