Apr 24, 2024 (MENAFN via COMTEX) --
(MENAFN) Official data reveals a notable surge of 4.4 percent in Saudi Arabia's non-oil exports, including re-exports, during February compared to the corresponding period in the previous year.
According to the General Authority for Statistics, the total value of non-oil exports in February amounted to SR21.86 billion (USD5.83 billion), representing an increase from SR20.93 billion recorded in the same period of the preceding year.
This growth in non-oil shipments was primarily propelled by an 8.3 percent surge in the exports of rubber and plastic products during February, constituting 24.1 percent of the total exports.
As Saudi Arabia continues its economic diversification efforts to diminish reliance on oil, strengthening the non-oil private sector remains paramount.
Despite the overall growth in non-oil exports, the report also revealed a 4.1 percent year-on-year decrease in the Kingdom's non-oil exports, excluding re-exports, in February. However, there was a significant 32.3 percent surge in the value of re-exported goods during the same period.
Despite the positive performance of non-oil exports, Saudi Arabia experienced a 2 percent decline in overall merchandise shipments in February compared to the corresponding period last year. This decline was primarily attributed to a 3.8 percent decrease in oil exports during February, as highlighted in the report.
The data underscores the ongoing efforts to diversify Saudi Arabia's economy and reduce dependence on oil exports, highlighting the importance of sustained growth in the non-oil sector for the Kingdom's economic resilience and stability.
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COMTEX_451365613/2604/2024-04-24T18:56:03
