Non-oil exports of the Kingdom during 11 months of 2021 recorded about 244.95 billion riyals, compared to 185.4 billion riyals in the previous year 2021; a difference of 59.54 billion riyals, and highlighted the importance of developing Saudi non-oil exports, through opening up to international markets and boosting the competitiveness of the Saudi product in international and regional markets.
November and September are record numbers
Specialized press reports confirmed that the growth of non-oil exports was supported by the performance achieved from the second half of the year, as last November recorded the highest monthly exports in Saudi history after reaching 25.98 billion riyals, surpassing the previous record achieved in September 2021, and the Kingdom seeks through Saudi Vision 2030 to raise the percentage of non-oil exports from 16 to 50 percent of the total value of GDP.
Specialized press reports confirmed that the growth of non-oil exports came supported by the performance achieved from the second half of the year, as the month of November recorded the highest monthly exports in Saudi Arabia's history.
21 sources of non-oil exports
Saudi Arabia's non-oil exports are divided into 21 main exports, most notably (chemical products, plastics and rubber products, metal products, transportation equipment, electrical machinery and equipment, animal products, and food and beverages).
Saudi Arabia's non-oil exports are divided into 21 main exports.
Chemical products and plastics and rubber accounted for about 34 percent and 31.6 percent of exported goods during last November.
Exports of chemical products accounted for about 8.8 billion riyals, while plastics and rubber and its manufactures accounted for about 8.22 billion riyals.
Rubber and rubber and its manufactures accounted for about 8.22 billion riyals.
Made in Saudi program
In March 2021, the “Made in Saudi” program was launched as part of the National Industry and Logistics Development Program, one of the largest programs of the Kingdom's Vision 2030, under the patronage of Crown Prince Mohammed bin Salman, which aims to increase local consumption and market share for local goods and services, and increase Saudi non-oil exports in priority export markets.
Made in Saudi Arabia is a program that aims to increase local consumption and market share of local goods and services, and increase Saudi non-oil exports in priority export markets.
Export-Import Bank for Export Finance
In February 2020, Saudi Arabia established the Export-Import Bank, which aims to promote the development and diversification of Saudi exports and increase their competitiveness by providing export financing, guarantee, and export credit insurance services with competitive advantages, in order to enhance confidence in Saudi exports, enter new markets, reduce the risk of non-payment, and provide credit facilities for imports.Saudi Arabia established the Export-Import Bank in February 2020.
