1 week Ago By owen.bennett
RIYADH: Saudi Arabia’s non-oil exports to Qatar surged 213 percent in the second quarter of 2024 compared to the previous three months, reaching SR5.79 billion ($1.54 billion), official data showed.
According to the latest report by the General Authority for Statistics, the surge was driven primarily by shipments of transport equipment and parts, totaling SR4.59 billion. The Kingdom also exported mechanical appliances and electrical products valued at SR154.
4 million to Qatar during the same period, followed by shipments of live animals and related products at SR153.9 million. This increase underscores Saudi Arabia’s broader economic diversification strategy, which seeks to mitigate the Kingdom’s historical dependence on oil revenues.
Overall, Saudi non-oil exports grew 4.3 percent in the second quarter from the previous three-month period. The Kingdom also exported prepared food products and beverages worth SR103.
8 million to Bahrain, and chemical and allied products valued at SR116.8 million. Saudi Arabia’s total outbound shipments to Arab countries reached SR12.
15 billion in the second quarter, up 42.94 percent from the previous quarter. In terms of imports, Saudi Arabia received SR2.
45 billion worth of goods during the same period. The UAE remained the top destination for Saudi non-oil exports, receiving SR15.07 billion in the second quarter.
Non-oil shipments to China and India were SR7.08 billion and SR5.48 billion, respectively.
Other notable exports included SR3.13 billion to Singapore, SR2.93 billion to Turkiye, and SR2.
40 billion to Belgium. Earlier in September another report released by GASTAT noted that non-oil activities in Saudi Arabia witnessed a 4.9 percent year-on-year increase in the second quarter of 2024, driven by expansion of the finance and insurance sectors.
Compared to the first quarter, non-oil activities rose 2.1 percent. The Kingdom’s seasonally adjusted gross domestic product increased by 1.
4 percent quarter on quarter but saw a slight annual decline of 0.3 percent. The sharp rise in non-oil exports to Qatar highlights the ongoing success of Saudi Arabia’s economic diversification efforts.
By boosting trade ties with key regional partners and expanding its non-oil export base, the Kingdom is reinforcing its strategy to build a more resilient and diversified economy, aligning with its Vision 2030 goals..
