Saudi Arabia’s non-oil exports surged by 31 percent in the second quarter to SR86.2 billion ($22.9 billion) from SR65.8 billion in the same period last year, the General Authority for Statistics, also known as GASTAT, said in a report.
In addition to the year-on-year increase, Saudi Arabia’s 2Q non-oil exports increased SR7.6 billion ($2.02 billion), or 9.7 percent, from the first quarter.
According to Arab News, which shared the report, Saudi Arabia’s non-oil exports were driven by chemical and allied industries which accounted for 35.3 percent of non-oil merchandise exports in the second quarter, GASTAT report stated.
Per the report, overall, Saudi Arabia’s trade balance soared by SR50.5 billion ($13.44 billion) hitting a 5-year high of SR258.9 billion ($68.91 billion) in the second quarter of 2022, up from SR208.3 billion ($55.44 billion) in the last quarter.
