Saudi Arabia’s non-Oil Exports Increased by 3.3%, According to GASTAT.

Saudi Arabia’s non-Oil Exports Increased by 3.3%, According to GASTAT.

RIYADH: According to official data, Saudi Arabia’s non-oil exports increased by 3.3 percent year on year in the first quarter of 2024, boosted by an increase in the value of re-exports.

According to the General Authority for Statistics, while national non-oil exports fell slightly by 5.2%, the value of re-exported goods increased by 31.5% during the same period.

This trend highlights Saudi Arabia’s growing role as a logistics hub, which is a key goal of the Kingdom’s Vision 2030 economic diversification strategy.

The Kingdom has made significant investments in its transport and logistics infrastructure, capitalizing on its strategic location at the crossroads of Europe, Asia, and Africa. Major projects, such as expanding key ports and establishing logistics zones like the King Salman Energy Park, aim to streamline the movement of goods and improve supply chain efficiency. Furthermore, Saudi Arabia has hosted international forums and conferences, such as the Supply Chain and Logistics Conference, to attract global investors and promote industry advancements.

Similarly, a 4.9 percent increase in merchandise exports in March of this year demonstrated the Kingdom’s export sector’s resilience to global economic fluctuations.

China emerged as a critical destination for Saudi exports, absorbing 14.9% of the total in the first quarter of 2024 and 16.4% of the total shipment in March alone. In March, the country also ranked first in terms of imports to the Kingdom, accounting for 21.2% of total imports, followed by the United States (8.7%) and the UAE (6.9%).

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