عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GASTAT: Saudi Non-oil Exports Increased by 10.5% in Q2

Containers waiting to be shipped at a Saudi port. SPA
Containers waiting to be shipped at a Saudi port. SPA
TT
TT

GASTAT: Saudi Non-oil Exports Increased by 10.5% in Q2

Containers waiting to be shipped at a Saudi port. SPA
Containers waiting to be shipped at a Saudi port. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said on Thursday that non-oil exports increased by 10.5% compared to Q2 2023.

According to the International Trade Publication for Q2 of 2024, national non-oil exports, excluding re-exports, increased by 1.4%, and the value of re-exported goods increased by 39.1%.

The value of non-oil exports, including re-exports, rose by 4.3%. Merchandise exports decreased by 0.2% compared to Q2 2023, and the value of imports fell by 5.6% due to a 3.3% decrease in oil exports. The share of oil exports in total exports fell to 75.0% from 77.4% in Q2 2023.

Imports rose by 3.0%, and the surplus of the merchandise trade balance decreased by 6.0% compared to Q2 2023.

The value of merchandise exports remained stable compared to Q1 2024. The value of imports decreased by 5.6%, and the surplus of the merchandise trade balance recorded an increase of 13.2%.

GASTAT also issued the International Trade Publication for June 2024, which shows that non-oil exports, including re-exports, increased by 7.3% compared to June 2023. Merchandise exports decreased by 5.8% compared to June 2023 due to a 9.3% decrease in oil exports, and merchandise imports decreased by 5.1%.

Most Viewed

 
 
Business

Saudi Arabia: Cosmetic Surgery Attracts Private Sector Investment

The seventh annual Aesthetic Medical and Plastic Surgery Forum and Exhibition was held in Riyadh, Saudi Arabia (PHOTO CREDIT/Turki al-Oqaili)
The seventh annual Aesthetic Medical and Plastic Surgery Forum and Exhibition was held in Riyadh, Saudi Arabia (PHOTO CREDIT/Turki al-Oqaili)
TT
TT

Saudi Arabia: Cosmetic Surgery Attracts Private Sector Investment

The seventh annual Aesthetic Medical and Plastic Surgery Forum and Exhibition was held in Riyadh, Saudi Arabia (PHOTO CREDIT/Turki al-Oqaili)
The seventh annual Aesthetic Medical and Plastic Surgery Forum and Exhibition was held in Riyadh, Saudi Arabia (PHOTO CREDIT/Turki al-Oqaili)

In a world obsessed with perfection, cosmetic surgery has become more than just a choice—it’s now an investment in self-esteem and confidence.

What was once a luxury for celebrities is now a booming global industry, attracting significant private sector interest and generating billions of dollars each year.

In 2022-2023, Saudi Arabia ranked second in the Arab world with 306 cosmetic specialists and 29th globally.

The Kingdom’s cosmetic medicine sector has exceeded 20 billion riyals ($5.3 billion), growing at nearly 9% annually.

As Saudi Arabia undergoes social changes, improves quality of life, and increases public awareness, the demand for cosmetic medical services is rising rapidly, boosting the sector’s strength and appeal.

This change in how people view beauty has made the beauty industry a key player in the global economy.

Cosmetic surgery, including both reconstructive and aesthetic procedures, is becoming increasingly popular worldwide.

Last Tuesday, Riyadh held the seventh annual Aesthetic Medical and Plastic Surgery Forum and Exhibition.

The three-day event showcased the private healthcare sector’s growing role in improving and advancing cosmetic services, supporting the goals of Saudi Arabia’s Vision 2030.

On the sidelines of the exhibition’s opening, Pakistan's Ambassador to Saudi Arabia, Ahmed Farooq, told Asharq Al-Awsat that Pakistan is a major producer of cosmetics and medical equipment, exporting to numerous countries worldwide.

He highlighted that Saudi Arabia has integrated foreign investment into its Vision 2030 strategy by offering incentives for foreign investors to manufacture their products locally.

“As a result, there is potential for Pakistani investment to enter the Kingdom in this sector,” he added.

Professor Fawaz Al-Qahtani, an investor and consultant in cosmetic and dental implants, told Asharq Al-Awsat that the sector is rapidly growing, especially in Saudi Arabia.

The Kingdom has many highly trained local professionals, drawing clients from neighboring and international locations. Saudi Arabia is seen as a leader in cosmetic, dermatological, and dental surgery in the Middle East.

Al-Qahtani noted that Saudi Arabia is making strides with e-government services that simplify licensing and other procedures for investors. This has made investing in the sector increasingly attractive due to the substantial support available.