Saudi Arabia's Non-Oil Exports Rise 4.4% in February 2023

Saudi Arabia's non-oil exports, including re-exports, increased by 4.4% in February 2023 compared to the same period last year, according to a report from the General Authority for Statistics (@Stats_Saudi). The total value of non-oil exports reached 21.86 billion Saudi riyals (US$5.83 billion), up from 20.93 billion riyals in February 2022.

However, the country's national non-oil exports, excluding re-exports, decreased by 4.1% year-on-year. The value of re-exported goods increased significantly by 32.3% during the same period. Total merchandise exports, including petroleum and non-petroleum products, decreased by 2% to reach 95.026 billion riyals, mainly due to a 3.8% decline in petroleum exports.

Why this matters: The growth in Saudi Arabia's non-oil exports aligns with the country's efforts to diversify its economy and lessen dependence on oil, as part of its Vision 2030 goals. The increase in re-exports also highlights potential opportunities for further economic diversification and expansion of export capabilities in the kingdom.

According to the report, chemical products and plastics, rubber, and their products were among the most important non-oil exports, accounting for 25% and 24.1% of the total, respectively. The ratio of non-oil exports, including re-exports, to imports decreased in February 2023, reaching 34.6% compared to 37.3% in the same period last year, due to a significant rise in imports.

China was Saudi Arabia's primary merchandise trading partner, accounting for 13.2% of total exports, followed by India (9.9%) and Japan (9.0%). The King Abdulaziz Sea Port in Dammam was one of the most important ports for imports, accounting for 26.7% of the total in February 2023.

The report from the General Authority for Statistics highlights Saudi Arabia's ongoing efforts to enhance its non-oil private sector and decrease reliance on oil exports. "The increase in non-oil exports, including re-exports, is a positive sign for the kingdom's economic diversification plans," said a spokesperson for the authority. As Saudi Arabia continues to implement its Vision 2030 strategy, the growth of non-oil exports is expected to play a vital role in the country's economic development.

Key Takeaways

• Saudi non-oil exports up 4.4% in Feb 2023 to $5.83B, but national exports down 4.1%.
• Re-exports surged 32.3%, indicating diversification opportunities for Saudi economy.
• Chemical, plastic, and rubber products were top non-oil exports, 25% and 24.1% respectively.
• China, India, and Japan were Saudi's top merchandise trading partners in Feb 2023.
• Non-oil exports growth aligns with Saudi's Vision 2030 goals to diversify economy.