Saudi Chemical Exports Surge 18% in February Amid Stronger Demand
Saudi Arabia's exports of chemical products and related industries rise to SR6.92 billion, driven by increased demand globally.
Riyadh: Saudi Arabia's exports of chemical products and related industries surged 18 percent year-on-year to reach approximately SR6.92 billion ($1.84 billion) in February, as per official data from the Kingdom's General Authority for Statistics.
Compared to January, exports rose by SR547.9 million or 9 percent month-on-month.
Chemicals and related products accounted for 22 percent of Saudi Arabia's non-oil exports, which amounted to SR31.6 billion during the month.
The analysis by Argaam also revealed that chemicals make up 51 percent of the total manufacturing gross domestic product in the Gulf Cooperation Council, positioning Saudi Arabia as a major industrial center in the region.
The country ranks among the top 10 global producers, representing 1.6 percent of global chemical sales.
The National Industry Strategy outlines ambitious plans to expand the chemicals sector over the next decade.
Targeting a fourfold increase in downstream output by 2035 and an estimated addition of SR58.2 billion to the economy, the strategy aims to create around 108,000 jobs through localization efforts.
According to Argaam's analysis, Australia was the largest importer of Saudi chemicals, accounting for nearly SR760.8 million worth or 11 percent of total chemical exports.
India followed closely with a share of 10 percent.
Conversely, Saudi Arabia's imports of chemical products and related industries reached SR6 billion in February, down 7 percent year-on-year.
Chemical and industrial products comprised 8 percent of total imports during this period, while total imports amounted to SAR 76.1 billion.
The Kingdom currently holds around 4.7 percent of global chemical production, primarily focusing on basic and intermediate petrochemicals.
The chemicals sector supports various industries, including construction, automotive, healthcare, and packaging, helping to reduce dependence on crude oil revenues, diversify the industrial base, and promote long-term skilled employment.
Saudi Arabia's strength in petrochemicals is bolstered by competitive energy prices, ready access to raw materials, and large industrial zones capable of efficiently scaling production.
These factors help minimize operating costs and facilitate the development and exportation of both basic and advanced chemical products.
Compared to January, exports rose by SR547.9 million or 9 percent month-on-month.
Chemicals and related products accounted for 22 percent of Saudi Arabia's non-oil exports, which amounted to SR31.6 billion during the month.
The analysis by Argaam also revealed that chemicals make up 51 percent of the total manufacturing gross domestic product in the Gulf Cooperation Council, positioning Saudi Arabia as a major industrial center in the region.
The country ranks among the top 10 global producers, representing 1.6 percent of global chemical sales.
The National Industry Strategy outlines ambitious plans to expand the chemicals sector over the next decade.
Targeting a fourfold increase in downstream output by 2035 and an estimated addition of SR58.2 billion to the economy, the strategy aims to create around 108,000 jobs through localization efforts.
According to Argaam's analysis, Australia was the largest importer of Saudi chemicals, accounting for nearly SR760.8 million worth or 11 percent of total chemical exports.
India followed closely with a share of 10 percent.
Conversely, Saudi Arabia's imports of chemical products and related industries reached SR6 billion in February, down 7 percent year-on-year.
Chemical and industrial products comprised 8 percent of total imports during this period, while total imports amounted to SAR 76.1 billion.
The Kingdom currently holds around 4.7 percent of global chemical production, primarily focusing on basic and intermediate petrochemicals.
The chemicals sector supports various industries, including construction, automotive, healthcare, and packaging, helping to reduce dependence on crude oil revenues, diversify the industrial base, and promote long-term skilled employment.
Saudi Arabia's strength in petrochemicals is bolstered by competitive energy prices, ready access to raw materials, and large industrial zones capable of efficiently scaling production.
These factors help minimize operating costs and facilitate the development and exportation of both basic and advanced chemical products.
