Non-oil exports grew 53% by the end of 2023

Non-oil exports, which include re-exports, jumped by the end of 2023 compared to the beginning of the vision by about 53%, with a total value of 272 billion riyals. Non-oil exports during 2016 were valued at about 177 billion riyals, but in 2017 they reached 193 billion riyals, with a growth rate of 9%. While in 2018, it rose to 22% with a total value of 235 billion riyals, while in 2019 and 2020, non-oil exports decreased by 3% and 11%, respectively.

In 2021, the value of exports increased to 277 billion riyals, a growth rate of 36%, while in 2022 it grew to 14%, and the following year it decreased by 14%, reaching 272 billion riyals.

The ratio of exports to imports by the end of 2023 is estimated at approximately 35.1%, as the average exports to imports included in re-exports from 2016 until the end of 2023 was equivalent to 40%.

In more detail, regarding the type of non-oil exports, by the end of 2023, the percentage of chemical and related industry products is estimated at about 30% of total exports, while plastic and rubber products and their products are estimated at about 25% of total exports, while transportation equipment and their parts are estimated at about 10% of exports. While the products of machinery, appliances, electrical equipment and their parts are estimated at 9%, and ordinary metals and their products are estimated at 9%.

As for pearls, precious stones and the like, and imitation jewelry, their percentage is estimated at 4%, while prepared foodstuffs, beverages, vinegar, tobacco, and manufactured tobacco substitutes are estimated at 3%, while live animal and animal products are estimated at 2% of the value of non-oil exports, and the rest of the products are estimated at a percentage of non-oil exports of 1% and less.

The Kingdom’s vision aims to develop non-oil exports and reach 50% of non-oil output by 2030, to diversify the gross domestic product, liberate itself from the oil economy to a diversified economy that depends on more than one commodity, increase employment, and make optimal use of economic potential.