Saudi Arabia's Non-Oil Exports Surge 4.4% in February, Led by Rubber and Plastic Products; Overall Merchandise Shipments Decrease 2%
Saudi Arabia's non-oil exports, including re-exports, increased by 4.4% in February compared to the same period last year, reaching a total value of SR21.86 billion ($5.83 billion).
This growth was mainly driven by an 8.3% surge in exports of rubber and plastic products, which accounted for 24.1% of the total exports.
The expansion of the non-oil private sector is crucial for Saudi Arabia as it pursues economic diversification and reduces its dependence on oil.
The report reveals a 4.1% decrease in Saudi Arabia's non-oil exports, excluding re-exports, in February 2024.
In contrast, re-exported goods value increased by 32.3%.
The overall merchandise shipments decreased by 2% due to a 3.8% decrease in oil exports.