Saudi Arabia’s Non-oil Exports Increased by 3.3%: GASTAT.

Saudi Arabia’s Non-oil Exports Increased by 3.3%: 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, driven by an increase in the value of re-exports.

According to the General Authority for Statistics, while national non-oil exports fell 5.2 percent, the value of re-exported goods increased by 31.5 percent during the same period. This trend highlights Saudi Arabia’s growing role as a logistics hub, which is a key component of the Kingdom’s Vision 2030 economic diversification strategy.

The Kingdom has made significant investments in its transport and logistics infrastructure, capitalising 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, are intended to streamline the movement of goods and improve supply chain efficiency.

Furthermore, Saudi Arabia has hosted several international forums and conferences, including the Supply Chain and Logistics Conference, to attract global investors and foster discussion about industry advancements.

The nation also ranked first for the Kingdom’s imports in March, constituting 21.2 percent of the total imports, followed by the US with 8.7 percent and the UAE with 6.9 percent.  Despite a decline, chemical products remained a significant portion of non-oil exports, constituting 25.1 percent of this sector in the first three months of 2024, and 28.1 percent of total shipments in March alone.

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