Saudi Arabia’s non-oil exports surged in October, with the UAE and China emerging as the Kingdom’s top trading partners, showcasing its ongoing efforts to diversify the economy under Vision 2030.
Outbound shipments to the UAE reached SR5.86 billion ($1.56 billion), a rise of 54.2 percent compared to the same month last year, according to the latest report by the General Authority for Statistics. Mechanical and electrical equipment topped the list of exports to the UAE, valued at SR3.11 billion, followed by transport parts worth SR713.5 million and chemical products at SR503.8 million.
China was the second-largest destination for Saudi Arabia’s non-oil exports during the month, receiving shipments worth SR2.35 billion. Chemical products accounted for SR826.3 million of these exports, followed by plastic and rubber goods valued at SR795.1 million. Mineral products worth SR300.5 million were also exported to China in October.
Strengthening the non-oil sector is a cornerstone of Saudi Arabia’s Vision 2030, which aims to reduce the Kingdom’s reliance on crude revenues. The initiative has been a key driver of economic policy since its launch in 2016, and officials have pointed to tangible progress in this direction.
Speaking at the World Economic Conference in Riyadh last month, Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, highlighted that the non-oil sector now accounts for 52 percent of the Kingdom’s real gross domestic product. He further noted that non-oil economic activities have been growing at an annual rate of 20 percent since the Vision 2030 reforms began.
This diversification push has been underscored by recent economic indicators. Saudi Arabia’s Purchasing Managers’ Index, which measures business activity in the non-oil private sector, rose to 59.0 in November from 56.9 in October.
A PMI reading above 50 indicates expansion, and November’s figure represents the fastest pace of growth since July.—AN
