In the second quarter of 2022, Saudi Arabia’s non-oil exports, including re-exports, increased by 31% annually to 86.2 billion Saudi Riyals ($23 billion), as the country progressed towards diversifying its economy away from fossil fuels.
According to information provided by the General Authority for Statistics, non-oil export growth increased on a quarterly basis by nearly 10% from 7.6 billion riyals in the first quarter. Chemical and related sector items, which accounted for more than 35% of all non-oil merchandise exports and increased by 49% on an annual basis, were the main driver of growth. Products made of plastic and rubber came in second, making up around 29% of the total.
The kingdom’s overall exports during the second quarter totaled 429.8 billion riyals, an increase of approximately 85% from 232.2 billion riyals during the same period last year, primarily due to growing oil shipments. According to GASTAT, oil exports rose by 177.2 billion riyals, or 106.5% yearly, in the second quarter. Compared to 91.75 billion riyals in the same period previous year, the kingdom overall had a trade surplus of 258.86 billion riyals in the second quarter of 2022.
280.9 billion riyals worth of goods accounting for 65.4% of all exports were exported from Saudi Arabia to ten nations and territories. With an exports volume of 63.4 billion riyals, China remained Saudi Arabia’s largest commercial partner. India and Japan came in second and third, respectively, with exports of 43.5 billion and 39.1 billion riyals. South Korea, the US, the UAE, Egypt, Taiwan, Bahrain and Singapore made up the rest of the top 10 export destinations.
According to the International Monetary Fund, Saudi Arabia’s economy is predicted to expand at its strongest rate in ten years and will probably be among the fastest-growing in the world this year. It predicts that KSA will rise by 7.6% this year, following a 3.2% growth in 2021 indicating that the economy of the Kingdom has been recovering well from the downturn brought on by the pandemic. IMF further exclaimed that non-oil growth in the Kingdom will reach 4.2% in 2022 before resuming its medium-term potential of 4%.