Saudi Arabia’s Non-Oil Exports Grow Rapidly

Saudi Arabia’s non-oil exports increased 16.76% year-on-year to $79.48 billion in the third quarter of 2024, according to data released by the Saudi General Authority for Statistics (GASAT). The largest importers of non-oil products were the United Arab Emirates ($19.58 billion), followed by India and China with $6.78 billion and $6.48 billion, respectively.

“In the third quarter of 2024,” GASAT writes, “chemical products dominated the Kingdom’s non-resource exports, accounting for 25.5% of total shipments, with an increase of 5.3% compared to the corresponding quarter of 2023.” Plastic and rubber products accounted for 24.9 percent of Saudi Arabia’s exports, up 8.9 percent year-on-year.

According to the kingdom’s newspapers, “strengthening the non-oil private sector is a key goal of Saudi Arabia’s Vision 2030 program, designed to diversify the country’s economic structure and reduce dependence on crude oil export revenues.”

In this context, GASAT analysts emphasized in a press release that “the ratio of non-oil exports (including re-exports) to imports in the third quarter of 2024 was 36.6%, an increase of 1.7% compared to the results recorded in the third quarter of 2023. This is related to a 16.8% increase in non-oil exports and an 11.4% increase in imports over the same period.”

For its part, the United Arab Emirates is also increasing exports of high-tech products and services: last week, Egypt’s Ministry of Industry signed a memorandum of understanding with Emirati companies Global South Utilities and EnerCap, backed by China’s Weiheng, to build a factory to produce batteries for electricity storage, involving an investment of $12 million. In addition, Egypt signed a memorandum of understanding with Emirati company Global South Utilities and China’s JA Solar to build two plants, one of solar cells to produce 2 gigawatts and the other of solar panels to produce 2 gigawatts. Photovoltaic cells, also known as “solar cells,” are the backbone of solar PV systems for generating clean and renewable energy. Finally, the Egyptian Sustainable Development Authority signed two memorandums of understanding with the Abu Dhabi Future Energy Company (MASDAR) to cooperate in the development and construction of a 5 gigawatt floating solar power plant project on Lake Nasser and two photovoltaic power plants in Nag Hammadi – 2.8 gigawatts each.

The dense international agenda of the United Arab Emirates will continue and organically develop the XVII Verona Eurasian Economic Forum, organized by the Italian Conoscere Eurasia Association, which will be held in the Emirate of Ras Al Khaimah from December 5 to 6.

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