Would you like to receive notifications on latest updates of the following headlines?

Saudi Non-Oil Exports Reach 2-Year High

POSTED ON July 27, 2024 •   GLOBAL NEWS      BY Abiodun Saheed Omodara
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority

In May, Saudi Arabia's non-oil exports reached SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023, reaching a two-year high.

On a monthly basis, non-oil exports surged by 26.93% from April.

 This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The country is focusing on enhancing the non-oil private sector to diversify its economy and reduce reliance on oil revenues.

Non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP in 2023, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics. 

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports.

This rise was bolstered by a surge in re-exports.

READ ALSO
Tinubu Calls for Equitable Global Framework at BRICS Summit
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has advocated for a more equitable global framework regarding climate action,...

READ ALSO
LASG Takes Action, Dismantled  Illegal Checkpoints Along Badagry Expressway
BY Abiodun Saheed Omodara July 7, 2025 0

LAGOS, Nigeria - The Lagos State government has dismantled illegal checkpoints along the Lagos&ndash...

READ ALSO
Natasha's Return Plans on Hold as Senate Awaits Court Judgment Copy
BY Abiodun Saheed Omodara July 7, 2025 0

The suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has declared her intention...

READ ALSO
Flood: 27 Lives Lost, Hundreds Displaced Amid Ongoing Rescue Efforts in Kerr County
BY Abiodun Saheed Omodara July 5, 2025 0

At least 27 people have been confirmed dead, with many more displaced due to flash flooding in Kerr...

READ ALSO
UK Govt. Bans Caregiver Jobs Major Changes for Nigerian Applicants
BY Abiodun Saheed Omodara July 3, 2025 0

Nigerians looking to move to the United Kingdom (UK) for better opportunities through caregiver job...

READ ALSO
ECOWAS Pushes for Legal Framework to Boost AI Development in West Africa
BY Abiodun Saheed Omodara July 1, 2025 0

The Speaker of the ECOWAS Parliament, Hadja Ibrahima, has emphasized the need for a robust legal fra...

READ ALSO
Canada Tightens PGWP Eligibility, New Fields of Study Added, Others Removed
BY Abiodun Saheed Omodara June 29, 2025 0

Canadian authorities have made it more difficult for international students to qualify for post-grad...

READ ALSO
France to Enforce Nationwide Smoking Ban in Public Outdoor Spaces
BY Abiodun Saheed Omodara June 28, 2025 0

Starting this Sunday, smoking will be banned on beaches, in public parks, gardens, bus shelters, and...

OUR CHANNELS:

Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 8, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...


Governor Otti Facilitates Release of Inmates After 26 Years
BY Abiodun Saheed Omodara July 8, 2025 0

Governor Alex Otti of Abia State on Saturday welcomed three Nigerians who were released after spendi...


Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...


Sowore Condemns Tenure Extensions of Senior Security Officials for Violating 35-Year Service Limit
BY Abiodun Saheed Omodara July 7, 2025 0

Human rights advocate and ex-presidential aspirant, Omoyele Sowore, has criticized the ongoing tenur...


Eight Dead, Eight Injured as Commercial Bus Crashes into Truck
BY Abiodun Saheed Omodara July 8, 2025 0

Just 48 hours after a road accident in Ogun State resulted in the deaths of 10 individuals, another...


Nigerian Investors Launch $5 Billion Cooperative Trust Fund to Empower MSMEs
BY Abiodun Saheed Omodara July 8, 2025 0

A coalition of Nigerian investors has introduced a Cooperative Trust Fund valued at $5 billion, aime...


Nnamdi Kanu's Release Not a Condition for South-East Support of Tinubu- Umahi
BY Abiodun Saheed Omodara July 8, 2025 0

In light of calls for the release of the detained Nnamdi Kanu, leader of the banned Indigenous Peopl...


Real Madrid Edges Borussia Dortmund 3–2 in Thrilling FIFA Club World Cup Clash
BY Abiodun Saheed Omodara July 6, 2025 0

Real Madrid emerged victorious from a heart-stopping 3–2 thriller against Borussia Dortmund in...


NCDC Reports 781 Confirmed Lassa Fever Cases in Nigeria
BY Abiodun Saheed Omodara July 8, 2025 0

Nigeria has reported 145 fatalities attributed to Lassa fever, which corresponds to a case fatality...


Flood: 27 Lives Lost, Hundreds Displaced Amid Ongoing Rescue Efforts in Kerr County
BY Abiodun Saheed Omodara July 6, 2025 0

At least 27 people have been confirmed dead, with many more displaced due to flash flooding in Kerr...


More Articles

Load more...

Menu