Saudi Arabia’s non-oil exports surged by 19.04 percent to reach SR25.38 billion ($6.76 billion) in July, compared to the same month of the previous year, official data showed.

According to the General Authority for Statistics, chemical and allied products led non-oil exports, accounting for 25.8 percent of total outbound shipments in July, marking a 1.3 percent year-on-year increase.

Plastic and rubber products followed, comprising 25.6 percent of total non-oil exports in July, representing a rise of 6.5 percent compared to the same month the previous year.

Bolstering non-oil exports is one of the pivotal goals outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom steadily reduces its dependence on oil as part of its economic diversification strategy.

According to the GASTAT report, Saudi Arabia exported non-oil goods worth SR4.46 billion to the UAE in July, followed by China and India at SR2.66 billion and SR1.74 billion, respectively.

The value of non-oil goods shipped to Bahrain in July stood at SR983 million, while Türkiye and Singapore received shipments worth SR851.2 million and SR692.9 million, respectively.

The report also revealed that Saudi Arabia’s overall merchandise exports increased by 2 percent year-on-year in July, despite a 3.1 percent decrease in oil exports.

To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024.

GASTAT highlighted that the percentage of oil exports out of total exports decreased to 73.1 percent in July, down from 77 percent in the same month of the previous year.

Compared to June, Saudi Arabia’s overall merchandise exports rose by 6.5 percent, while outbound shipments of non-oil goods witnessed an increase of 13 percent.

In July, Saudi Arabia’s imports also rose by 12.6 percent year-on-year, reaching SR75.22 billion, while the surplus in the merchandise trade balance decreased by 25.4 percent during the same period.

The Kingdom’s imports increased by 8.8 percent in June compared to the previous month.

China remained Saudi Arabia’s top trading partner for imports in July, with shipments worth SR19.10 billion, followed by the US, Germany, and the UAE at SR5.43 billion, SR3.83 billion, and SR3.62 billion, respectively.

King Abdulaziz Sea Port in Dammam was the primary entry point for goods, with imports valued at SR22.78 billion, representing 30.3 percent of total inbound shipments.