Saudi Arabia: Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period the previous year, official data showed. 

According to the General Authority for Statistics, the total value of non-oil exports in February reached SR21.86 billion ($5.83 billion), marking a rise from SR20.93 billion in the corresponding period of the preceding year. 

The increase in non-oil shipments was driven by an 8.3 percent surge in the exports of rubber and plastic products in February, constituting 24.1 percent of the total exports.  

Strengthening the non-oil private sector remains pivotal for Saudi Arabia, as the Kingdom continues its economic diversification efforts aimed at reducing reliance on oil. 

The report unveiled a 4.1 percent year-on-year decrease in the Kingdom’s non-oil exports, excluding re-exports, in February. Conversely, the value of re-exported goods surged by 32.3 percent during the same period. 

However, GASTAT noted that Saudi Arabia’s overall merchandise shipments decreased by 2 percent in February compared to the year-ago period.  

This decline was primarily attributed to a 3.8 percent decrease in oil exports in February compared to the same month in 2023, according to the report.