Riyadh - Sharikat Mubasher: Saudi Arabia has been accelerating efforts to diversify its oil-dependent economy in recent years under the Vision 2030 plan. Major reforms have been implemented to create a more attractive business environment, boost investor confidence, and drive significant capital inflows.

The Saudi non-oil exports, including re-exports, jumped by 10.5% during the second quarter (Q2) of 2024 compared to the same quarter of 2023, recent figures by the General Authority for Statistics (GASTAT) revealed.

Similarly, the national non-oil exports, excluding re-exports, saw a 1.4% during the same period.

The ratio of non-oil exports, including re-exports, to imports increased in Q2-24, reaching 37.6% compared to 35.1% in Q2-23.

Chemical products constituted 25.6% of the total non-oil exports in Q2-24, showing a 4.6% year-on-year (YoY) decrease, followed by plastics, rubber, and their products which represented 24.3% of total non-oil exports.