Non-oil exports recorded a growth of 31%, compared to the same period in 2021, amounting to 65.7 billion riyals (17.5 billion dollars), as non-oil exports continued their recovery, recording annual growth for the seventh consecutive quarter, thus reaching the highest quarterly exports in the history of Saudi Arabia.
Saudi Arabia seeks to diversify its economy by increasing the contribution of non-oil sectors to non-oil GDP from 16 percent to at least 50 percent, which is in line with Vision 2030.
The revival of exports comes thanks to the growth in exports of products from the chemical industries, plastics, rubber, and metals, which constitute about 80% of the products.
Chemical products, as well as plastics and rubber manufacturers, constituted about 35.3 and 29.4% of the exported goods during the second quarter of this year, as their exports amounted to about 30.41 and 25.3 billion riyals, respectively.
Minerals and their products come third, with exports worth eight billion riyals, constituting 9.3%, while exports of transport equipment for aircraft, ships, etc. are estimated at 6.6 billion riyals, while exports of food and beverage industry products are estimated at about two billion riyals, representing 2.3%.
During the second quarter, Saudi Arabia’s non-oil exports went to 142 countries around the world, while the United Arab Emirates and China each accounted for a quarter.
The UAE topped the Saudi non-oil export destination with a value of 12.8 billion riyals, equivalent to 14.9% of the total, followed by China with about 10%, with a value of 8.74 billion riyals.
In third place comes India, with a value of 6.9 billion, equivalent to 8%, then Turkey and the United States of America, with a value of 3.8 and 3.7 billion riyals, respectively.
And during the past year, Saudi Arabia set a record in its non-oil exports by about 277.3 billion riyals, as non-oil exports grew 36% compared to 2020 of 204.3 billion riyals.