Saudi Arabia’s non-oil exports climbed 3.3% in the first quarter of 2024, according to the General Authority for Statistics (GASTAT), driven by a rise in re-exports.
The value of re-exports reached SAR 6.4 billion in March 2024, an 18% increase compared to SAR 5.4 billion recorded the same month a year prior.
This growth was mainly driven by a significant 19% increase in exports of chemical and allied industry products in March 2024 compared to February 2024, reaching a value of SAR6.5 billion in March.
Merchandise exports and non-oil exports rose by 5% and 6% respectively in March compared to February 2024, while exports of mineral products reached SAR77.8 billion in March 2024, a 6% month-on-month increase.
The growth in the Kingdom’s exports showcases the nation’s efforts to diversify its economy. During Q1 2024, Saudi Arabia’s non-oil revenues rose 9% year-on-year to reach SAR111.51 billion. Last year, Saudi Arabia’s non-oil activities accounted for 50% of the country’s GDP for the first time in the Kingdom’s history.
The World Bank has predicted that the Kingdom’s economy will grow by 5.9% by 2025. The organisation indicated that Saudi Arabia has succeeded in containing inflation through strict monetary policies and significant support for food and energy.
