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In May, Saudi Arabia saw a significant increase in non-oil exports, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.
Monthly non-oil exports surged by 26.93% from April, contributing to a trade surplus of SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.
The country continues to prioritize the development of the non-oil private sector as part of its economic diversification efforts, with non-oil activities contributing 50% to the real GDP in 2023.
Saudi Arabia's focus on the non-oil sector aligns with its Vision 2030 plan, as emphasized by Finance Minister Mohammed Al-Jadaan at the “Future Investment Initiative” in October.
Moody's report highlighted the Kingdom's extensive efforts to reduce dependency on oil and boost non-oil sectors such as industry, tourism, and real estate.
The monthly report on international trade noted a 5.8% growth in merchandise exports in May, driven by a 4.9% increase in oil exports, reflecting movements in global oil prices.
Furthermore, production levels are set to gradually increase starting in early October after a voluntary reduction in crude supply by the OPEC+ alliance.
