Saudi Arabia’s non-oil exports to the UAE reached SR7.10 billion in January, marking a 10% increase from the previous month. This growth highlights the Kingdom’s efforts to diversify its economy beyond oil. Machinery and mechanical equipment were the top exports, followed by transport parts.
In December, non-oil exports to the UAE were SR6.46 billion. The increase in January underscores Saudi Arabia’s progress in reducing reliance on oil revenues. The Kingdom’s Purchasing Managers’ Index (PMI) reached 58.4 in February, reflecting growth in the non-oil sector.
At the World Economic Forum, Saudi Arabia reiterated its commitment to economic diversification under Vision 2030. In addition to the UAE, China and India were significant markets for Saudi non-oil exports, with China receiving SR2.22 billion in goods.
Overall, Saudi Arabia’s non-oil exports in January totaled SR26.48 billion, a 10.7% year-on-year increase. The non-oil sector now accounts for 52% of GDP, growing at 20% annually since the launch of Vision 2030. Key ports like Jeddah Islamic Sea Port and King Fahad Industrial Sea Port played crucial roles in export activities.
Total merchandise exports in January reached SR97.18 billion, with non-oil exports increasing their share. While oil exports slightly declined, exports to Asia, Europe, Africa, and North America saw growth. China remained the largest recipient of Saudi exports.
Imports to Saudi Arabia rose by 8.3% year-on-year in January, totaling SR72.62 billion. China was the top source of imports, with mechanical appliances and electrical equipment leading the list. Sea shipments accounted for the majority of imports, with King Abdulaziz Sea Port as the main entry point.