The value of Saudi Arabia’s non-oil exports, a key indicator for the Kingdom’s ongoing effort to diversify its economy, soared 41% in the month of June, according to reports citing official data released by the government on Tuesday.
The Kingdom also saw a surge in oil export value in June as Saudi Arabia and the other OPEC+ nations benefitted from a higher price of crude on international markets. Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier, according to the data.
In total, Saudi Arabia’s exports rose 99.4% year-on-year during the second quarter. While non-oil exports rose significantly year-on-year, oil continues to drive the growth: the share of oil exports in the total number increased to 72.5% from 64% a year ago.
Saudi Arabia’s economy, like others around the world, was hit hard last year as measures to contain the COVID-19 pandemic hurt its non-oil economy, while oil prices dropped significantly in the spring of 2020.
The new data amounts to fresh evidence that the Kingdom’s economy is gathering steam after the pandemic year. The Kingdom’s gross domestic product in the second quarter grew for the first time since the coronavirus crisis.
The data also indicated that, because of oil exports, China remained the Kingdom’s largest trading partner, with exports to China amounting to nearly 20% of total exports.
