Latest news with #non-oil exports
Arab News
a day ago
- Business
- Arab News
Saudi non-oil exports climb 6% to $8.29bn: GASTAT
RIYADH: Saudi Arabia's non-oil exports, including re-exports, reached SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, official data showed. Preliminary figures released by the General Authority for Statistics showed that the UAE remained the top destination for the Kingdom's non-oil products, with exports to the Emirates amounting to SR9.54 billion in May. India was the second-largest non-oil trade partner, importing goods worth SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million. The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify Saudi Arabia's economy and reduce its reliance on oil revenues. In its latest report, GASTAT stated: 'Non-oil exports in May, including re-exports, recorded an increase of 6 percent compared to May 2024, while national non-oil exports, excluding re-exports, decreased by 1.8 percent.' It added: 'Moreover, the value of re-exported goods increased by 20.5 percent during the same period.' In a separate release in May, GASTAT noted that the Kingdom's gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust 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 — highlighted that the contribution of non-oil activities to the Kingdom's economic output reached 53.2 percent, a 5.7 percent increase over previous estimates. He added that the country's economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors. Other major destinations for Saudi Arabia's non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million. Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively. Departure locations Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion. Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively. On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively. King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May — a 258 percent increase compared to the same month last year. Machinery and chemicals lead the way 'Among the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,' GASTAT noted. Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year. The strength of Saudi Arabia's non-oil private sector was further affirmed by Riyad Bank's Purchasing Managers' Index, compiled by S&P Global, which showed that the Kingdom's headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9. A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. Saudi Arabia's June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively. Merchandise exports According to GASTAT, the Kingdom's total merchandise exports in May declined 14 percent year on year to SR90.44 billion. The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year. China was the top destination for Saudi Arabia's overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion — a 37.5 percent jump compared to the previous year — while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively. Imports climb Saudi Arabia's imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported. Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion. Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion. By region, Asia remained the Kingdom's largest trade partner, contributing SR47.59 billion in imports — a 17.8 percent rise from a year ago. Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million. China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion. Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion — a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively. King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion. Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively. By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.
Zawya
2 days ago
- Business
- Zawya
Oman's non-oil exports increase 7% to $7bln
Muscat – Buoyed by strong demand for Omani products in the UAE, Saudi Arabia and India, the sultanate's non-oil exports recorded a robust increase of over 7% during the first five months of 2025. According to data released by the National Centre for Statistics and Information (NCSI), Oman's total non-oil exports rose by 7.2% to RO2.701bn between January and May 2025, compared to RO2.521bn during the same period in 2024. The growth was largely driven by rising demand from key regional and global markets. Exports to the United Arab Emirates surged by nearly 23%, reaching RO485mn in the January–May period of 2025, up from RO395mn during the corresponding period last year. Shipments to Saudi Arabia climbed by 34.9% to RO451mn, compared to RO335mn a year earlier. India also emerged as a strong market for Omani products, with non-oil exports increasing by 38.9% to RO280mn in the first five months of 2025, from RO202mn in the same period of 2024. The NCSI data indicated that the recovery in non-oil exports is broad-based across nearly all of Oman's major trading partners – with the notable exception of the United States. This performance highlights the continued success of Omani exporters in expanding their reach and meeting overseas demand. However, exports to the United States fell by 17.5% to RO159mn in the first five months of this year, down from RO193mn during the same period last year. Non-oil exports to other countries also recorded modest growth of 1.5%, amounting to RO1.125bn between January and May 2025, compared to RO1.108bn in 2024. In terms of product categories, Oman's mineral product exports stood at RO716mn in the first five months of 2025, slightly lower than RO721mn during the same period last year. Exports of chemical products, however, rose by 9.2% to RO339mn, up from RO311mn. With enhanced production capacity in Oman's downstream industries, exports of plastics, rubber and related items remained relatively stable at RO394mn, compared to RO399mn in the corresponding period of 2024. Base metals and related articles contributed RO568mn in export value during the five-month period, reflecting a 1.4% increase from RO560mn last year. Meanwhile, exports of live animals and animal products rose by 9.9% to RO164mn. In contrast, Oman's re-export activity declined by 10.3% in the first five months of 2025, falling to RO623mn from RO695mn during the same period in 2024. This drop was primarily attributed to lower transshipments of transport equipment and mineral products. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
