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Saudi Arabia’s Non-oil Exports Rise 3.3% in Q1 of 2024

The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
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Saudi Arabia’s Non-oil Exports Rise 3.3% in Q1 of 2024

The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)

Saudi Arabia’s non-oil exports recorded an annual increase of 3.3 percent in the first quarter of 2024 compared to the same period in 2023, the General Authority for Statistics (GASTAT) revealed on Thursday.

 

This increase was mainly attributed to a rise in the value of re-exports, which reached SR6.4 billion in March 2024, an 18 percent increase compared to SR5.4 billion in March 2023.

The International Trade Q1 2024 report by GASTAT pointed to positive trends in the Kingdom’s export sector.

The report revealed a significant 19 percent increase in exports of chemical and allied industry products in March 2024 compared to the previous month, reaching a value of SR6.5 billion in March.

Merchandise exports and non-oil exports also rose by five percent and six percent respectively in March, compared to February 2024.

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Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
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Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said the Kingdom has reached the halfway point in its journey towards Vision 2030, reported the Saudi Press Agency on Tuesday.

He made his remarks at a panel discussion at the World Economic Forum's Annual Meeting of the New Champions (AMNC24) in Dalian, China.

The minister discussed the rapid growth of non-oil activities since implementing the Kingdom's Vision 2030.

The minister said: "The Kingdom achieved an economic growth rate of 8.7% in 2022, with non-oil activities contributing 5.6%. Non-oil activities account for 51% of the real gross domestic product, surpassing the oil economy.”

“The Kingdom has reached the halfway point in its journey towards Vision 2030 and will continue to prioritize economic diversification and human capital development,” he stressed.

Furthermore, he highlighted the Kingdom's role in energy security and climate action, stating that it is a major producer of clean hydrocarbon energy and has made significant strides in renewable energy, including green hydrogen, solar, and wind energy.

The minister emphasized the need for a comprehensive and integrated approach to address global economic challenges and stressed the importance of international cooperation, innovation, and comprehensive solutions.