Riyadh, (Business News Report)|| Saudi Arabia’s non-oil exports jumped by 36.5% in the fourth quarter of 2021, compared to the same period in 2020.
The Saudi Export Development Authority said that the total value of non-oil exports amounted to 79.7 billion riyals ($21.2 billion) during the fourth quarter.
The authority indicated that the highest sectors in the value of exports are petrochemicals with 47.4 billion riyals ($12.6 billion), followed by the vehicles and spare parts sector with 7.9 billion riyals ($2.1 billion), then the building materials sector with 5.3 billion riyals ($1.4 billion).
The authority indicated that the UAE is the highest country in Saudi exports with 11.9 billion riyals ($3.1 billion), followed by China with 10.6 billion riyals ($2.8 billion), and India with 7.0 billion riyals ($1.8 billion).
Expectations indicate that Saudi non-oil exports will increase during the current year, thanks to the supportive policies taken by the Kingdom.
In mid-February, Saudi Arabia began canceling customs declaration issuance fees on Saudi exports, with the aim of enabling exports of local industries, facilitating their customs procedures, and enhancing the export environment in the Kingdom.
At the beginning of this March, the Saudi Export Development Authority launched more than 200 studies within the service of specialized commodity and market studies, through which it aims to support the national product, facilitate the comprehensive journey for exporters, and provide them with available opportunities in global markets.
These studies were carried out on a scale of 120 products in various countries of the world, based on the national export strategy, which contributes to pushing non-oil exports towards sustainable growth that achieves the Kingdom’s aspirations to raise its rate from 16 to 50% of GDP.
In a separate context, industrial production in the Kingdom of Saudi Arabia rose for the ninth month in a row, supported by the mining and quarrying sector in the Kingdom.
According to official data, the index of the industrial production quantities in Saudi Arabia recorded an increase of 11.1% last January.
Meanwhile the industrial production index recorded in January 2021, an increase of 0.6%.
Saudi newspaper Al-Eqtisadiah stated that the rise in January is the ninth in a row since May 2021, as it had recorded a contraction between May 2020 and April 2021 due to the Coronavirus pandemic.