The UAE was the leading destination for Saudi Arabia’s non-oil exports in November, with outbound shipments to the Emirates reaching SR7.17 billion ($1.87 billion) in what was a 22.35 percent month-on-month rise.
According to the General Authority for Statistics, the Kingdom exported machinery and mechanical appliances valued at SR3.15 billion to the UAE in November, followed by transport parts and precious metals at SR2.03 billion and SR404.7 million, respectively.
In October, Saudi Arabia’s non-oil shipments to the UAE amounted to SR5.86 billion, while it was SR6.54 billion and SR6.78 billion in September and August, respectively.
Saudi Arabia also exported plastic and rubber products worth SR330 million in November, while outbound shipments of chemical products totaled SR319 million.
Strengthening the non-oil sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom is steadily diversifying its economy by reducing its dependence on crude revenues.
Affirming the growth of Saudi Arabia’s non-oil private sector, the Kingdom’s Purchasing Managers’ Index reached 58.4 in December, marking a slight decline from a 17-month high of 59 in the previous month, according to the Riyad Bank Saudi Arabia PMI survey compiled by S&P Global.
Any PMI readings above 50 indicate growth of the non-oil private sector, while readings below the number signal contraction.
Underscoring the progress of Saudi Arabia’s non-energy sector, the Kingdom’s PMI has remained above the 50 growth mark continuously since September 2020.
China held the third spot for Saudi Arabia’s non-oil exports. (SPA) Saudi Arabia’s PMI in December is also the highest among its Middle East neighbors.
The Kingdom’s Arab neighbors UAE posted a PMI of 55.4 in December, with Kuwait registering 54.1, and Qatar on 52.9.
Speaking at the World Economic Forum in Davos earlier this month, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said that the Kingdom’s commitment to economic diversification under Vision 2030 was driving steady growth, with the growth of non-oil gross domestic product being prioritized over traditional oil revenues. India was another major destination for Saudi Arabia’s non-energy goods in November, with exports amounting to SR2.52 billion, representing a 19.43 percent increase compared to the previous month.
GASTAT revealed that Saudi Arabia exported chemical products worth SR1.34 billion, while outbound shipments of plastic and rubber products were valued at SR449.6 million, and base metals amounted to SR324.5 million.
The Kingdom also exported precious stones and metals amounting to SR324.5 million in November to India.—AN
