Saudi non-oil exports up by 40.5% year-on-year in June to $6.2 billion

Overall merchandise exports increased by 91.8 percent in June 2021, official data says

Saudi non-oil exports increased by 40.5 percent year-on-year in June 2021, rising to SR23.6 billion ($6.2 billion) from SR16.8 billion in June of last year, official data revealed.

Plastics and rubber and articles thereof jumped by 68 percent and products of the chemical or allied industries increased by 49.2 percent, in June this year compared to the same period of last year, the General Authority for Statistics reported.

Non-oil exports increased by 7.2 percent equivalent to SR1.6 billion in June, compared to the previous month of May 2021.

Overall merchandise exports jumped by 91.8 percent in June of 2021 compared to the same period of last year, when international trade was affected by the COVIDrelated lockdowns and travel bans in numerous countries.

The value of exports increased to SR84.7 billion riyals in June 2021, up from SR44.2 billion in June 2020, originating mainly from oil exports, which rose by SR33.7 billion or 123.2 percent in the same period.

Non-oil exports rose by 52.1 percent year-on-year in the second quarter of 2021, rising from SR43.2 billion in the second quarter of last year to SR65.7 billion, according to GASTAT.

The Saudi non-oil sector is expected to grow by 4.3 percent this year, according to the head of the International Monetary Fund’s mission to the Kingdom.

Growth in the non-oil economy is expected to be driven by a recovery in consumption as the country emerges from a year of lockdowns, Tim Callen, who leads the IMF’s mission, told Al Arabiya. He also anticipates a decrease in the Saudi budget deficit.

Saudi real GDP is expected to grow this year by 1.3 percent, according to Saudi investment bank Jadwa.

Muath Alamri, an independent economist based in Riyadh told Arab News that the rise in non-oil exports is the result of the reforms underway in the Kingdom.

The Kingdom aims to develop and localize Saudi industries through various programs and initiatives, he said.

Growth in the non-oil economy is expected to be driven by a recovery in consumption as the country emerges from a year of lockdowns.

Tim Callen IMF

File Plastics and rubber and articles thereof jumped by 68 percent and products of the chemical or allied industries increased by 49.2 percent, in June this year compared to the same period of last year.