Saudi Arabia’s non-oil exports saw a notable 3.3 percent increase in the first quarter of 2024 compared to the same period in 2023, as reported by the General Authority for Statistics (GASTAT) on Thursday. This growth highlights the Kingdom's ongoing efforts to diversify its economy and reduce reliance on oil revenues.
A key driver of this increase was the surge in re-exports, which reached SAR 6.4 billion in March 2024, marking an 18 percent rise from SAR 5.4 billion in March 2023. The latest International Trade Q1 2024 report from GASTAT underscored positive trends across the Kingdom’s export sector.
Additionally, exports of chemical and allied industry products experienced a significant 19 percent jump in March 2024 compared to the previous month, reaching SAR 6.5 billion. Merchandise exports and non-oil exports also saw increases of five percent and six percent, respectively, in March compared to February 2024.
These trends reflect Saudi Arabia's strategic initiatives to bolster its export capabilities and foster economic growth through diversified non-oil activities.
#ITCNewsUpdates #GlobalTrade #EconomicGrowth #ExportSuccess #SaudiArabia #NewsUpdate
