non-oil exports of the Kingdom during the first 11 months of 2021 amounted to approximately 244.95 billion riyals, compared to 185.4 billion riyals in the previous year, 2021; a difference of 59.54 billion riyals. The importance of developing Saudi non-oil exports was highlighted through opening up to global markets and boosting the competitiveness of Saudi products in international and regional markets.
November and September Set Records
Specialized press reports confirmed that the growth in non-oil exports was driven by performance in the second half of the year, with last November recording the highest monthly exports in Saudi Arabia’s history at 25.98 billion riyals, surpassing the previous record set in September 2021. Through Saudi Vision 2030, the Kingdom aims to increase the share of non-oil exports from 16 to 50 percent of total GDP.
21 Sources of Non-Oil Exports
Saudi Arabia’s non-oil exports are divided into 21 major categories, the most prominent of which are (chemical products, plastic and rubber products, metal products, transportation equipment, machinery and electrical equipment, animal products, and food and beverages).
Chemical products, as well as plastics and rubber products, accounted for approximately 34 percent and 31.6 percent, respectively, of goods exported last November.
Exports of chemical products totaled approximately 8.8 billion riyals, while plastics, rubber, and related products totaled approximately 8.22 billion riyals.
The “Made in Saudi Arabia” Program
In March 2021, the “Made in Saudi Arabia” program was launched as part of the National Industrial Development and Logistics Program, one of the largest development programs under the Kingdom’s Vision 2030, under the patronage of Crown Prince Mohammed bin Salman, which aims to increase domestic consumption and the market share of local goods and services, and to boost Saudi non-oil exports to priority export markets.
Export-Import Bank to Finance Exports
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, guarantees, and export credit insurance with competitive terms, in order to boost confidence in Saudi exports, enter new markets, mitigate the risk of non-payment, and provide credit facilities for imports.
