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Abu Dhabi’s Non-Oil Trade Totaled $51.7 Billion

Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
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Abu Dhabi’s Non-Oil Trade Totaled $51.7 Billion

Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)

The value of non-oil foreign trade passing through Abu Dhabi ports over 11 months in 2021 amounted to some AED190.20 billion (51.7 billion), an increase of 2.9 percent compared to the same period in 2020, which saw a total of AED184.93 billion (%50.3 billion).

This data revealed by a report, titled, "Non-Oil Foreign Merchandise Trade Through the Ports of Abu Dhabi", and published by the Statistics Centre-Abu Dhabi (SCAD).

Abu Dhabi’s non-oil trade was distributed between imports worth AED83.63 billion ($22.7 billion) and non-oil exports worth over AED71.17 billion ($19.3 billion), an increase of 5.4 percent compared to the same period last year, in addition to re-exports valued at nearly AED35.39 billion ($9.6 billion), an increase of 10 percent compared to 2020.

The value of foreign trade through Abu Dhabi’s ports in November 2021 amounted to over AED20.35 billion ($5.5 billion) compared to AED16.83 billion ($4.5 billion) during the same reporting period in 2020, divided between imports worth AED8.37 billion ($2.2 billion) or 41.1 percent of total trade, non-oil exports worth AED7.79 billion ($2.1 billion) or 38.3 percent of total trade, and re-exports worth AED4.18 billion ($1.1 billion) or 20.6 percent of total trade.

Saudi Arabia was Abu Dhabi’s leading non-oil merchandise trade partner in November 2021, when the value of their trade exchange was AED4.87 billion ($1.3 billion), followed by China with AED1.15 billion ($313 million), then the US with AED1.146 billion ($311 million).

The value of non-oil merchandise trade going through customs in November 2021 was distributed between seaports with AED7.21 billion ($1.9 billion), airports with some AED5.98 billion ($1.6 billion), and land ports with AED7.14 billion ($1.9 billion).

The value of non-oil merchandise trade in November 2021 was distributed between the economic categories of industrial supplies worth AED11.56 billion ($3.1 billion); production merchandise other than transportation equipment worth AED2.71 billion ($737 million); transport equipment, parts and accessories worth AED2.49 billion ($677 million); food and beverages worth AED1.51 billion ($411 million); consumer goods worth AED1.96 billion ($533 million); fuel and lubricants worth AED88.8 million($24.1 million), and other goods worth AED12.5 million ($3.4 million).

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Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
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Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)

Saudi Arabia’s non-oil exports have reached their highest levels since the second quarter of 2022, continuing to grow at a steady pace. By the end of the third quarter of this year, non-oil exports, including re-exports, totaled SAR 80 billion (USD 21 billion), reflecting a 16.8% increase compared to the same period in 2023.

This growth aligns with the goals of Vision 2030, which aims to diversify Saudi Arabia’s economy and reduce reliance on oil revenues. Credit rating agency Moody’s recently upgraded Saudi Arabia’s credit rating to AA3 from A1 with a stable outlook, citing the Kingdom’s ongoing economic diversification and the strength of its non-oil private sector. Moody’s projects the non-oil private sector’s GDP to grow by 4–5% annually in the coming years.

According to data from Saudi Arabia’s General Authority for Statistics, non-oil national exports (excluding re-exports) grew by 7.6% in the third quarter of 2024, reaching SAR 57 billion (USD 15.1 billion). Re-exports saw a remarkable surge of 48.4%, amounting to SAR 23 billion (USD 6.1 billion).

In contrast, total merchandise exports dropped by 7.7% to SAR 276 billion (USD 73.5 billion) due to a 14.9% decline in oil exports. As a result, the share of oil exports in total exports decreased from 77.3% in the third quarter of 2023 to 71.3% this year.

Chemical industry products accounted for 25.5% of non-oil exports, growing by 5.3% compared to the same period last year. Plastics, rubber, and their derivatives followed closely, representing 24.9% of non-oil exports, with an 8.9% increase from the third quarter of 2023.

China remained Saudi Arabia’s top export destination, accounting for 15.2% of total exports in the third quarter of 2024. Japan and South Korea followed, at 9.3% and 9.2%, respectively. Other major destinations included India, the UAE, the US, Poland, Egypt, Bahrain, and Taiwan. Together, these ten countries accounted for 66.4% of Saudi exports.

Experts emphasize that the growth in non-oil exports strengthens Saudi Arabia’s economy and reflects the success of its diversification strategy under Vision 2030.

Shura Council member Fadhel Al-Buainain highlighted the importance of considering the scale of Saudi non-oil exports during the third quarter of 2024. He emphasized two key aspects of Saudi non-oil exports.

First, the 16.8% growth achieved is a significant leap that boosts the Saudi economy’s ability to continue strengthening non-oil exports, which are a focal point of Vision 2030 and its economic diversification goals.

Second, he said the 48.4% increase in the value of re-exported goods represents substantial growth, reflecting the Kingdom’s potential to play a pivotal role in regional re-export activities. This, in turn, can stimulate exports and position Saudi Arabia as a global logistics hub.

He further noted that the increase in export value compared to the second quarter of this year, amounting to SAR 37.2 billion (USD 9.92 billion) or 15.6%, indicates sustained and accelerating export growth.

Al-Buainain believes that Saudi Arabia’s ports on the Red Sea and the Arabian Gulf are well-equipped to play a central role in re-exporting, supported by free economic zones, robust infrastructure, and a well-established transportation and logistics network.

He also stated that the improvement in global demand, particularly in the petrochemical sector, which accounted for the largest share of exports, contributed to this growth.

However, the global economic conditions may face certain challenges that will reflect negatively on global demand, he remarked, stressing the importance of diversifying exports.

Dr. Osama Al-Obaidi, an international commercial law consultant and professor, told Asharq Al-Awsat that the significant increase in non-oil exports in the third quarter of this year compared to the same period in 2023 is linked to the growth in petrochemical exports, particularly plastics, rubber, and their derivatives.

He explained that this rise reflects the effectiveness of Saudi Arabia’s economic diversification efforts and its reduced reliance on oil as a sole income source, in line with Vision 2030.

It also highlights the success of the substantial investments made by the government to develop ports and logistics services, such as King Abdulaziz Port in Dammam and Jeddah Islamic Port.

Moreover, improvements in domestic, regional, and international airports, along with initiatives to promote local industries—particularly chemicals, food products, pharmaceuticals, and other high-demand goods in foreign markets—have also played a pivotal role.