Saudi Arabia’s non-oil exports to GCC jump 31%

Saudi Arabia’s non-oil commodity exports with Gulf Cooperation Council (GCC) countries rose 31 percent year on year to SAR24.4 billion ($6.5 billion) during the second quarter of 2024, according to official data.

The UAE was the leading trade partner, with exports totalling SAR15.1 billion, making up 62 percent of the kingdom’s non-oil trade with the GCC, the state-run Saudi Press Agency said, citing the General Authority for Statistics’ international trade report.

Bahrain followed with SAR5.8 billion, accounting for 24 percent of the total, while Kuwait ranked third at SAR1.8 billion, representing 7.5 percent.

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Oman was fourth with SAR965 million, contributing 4 percent, and Qatar took last place with SAR741 million, representing 3 percent of the total trade.

Commodity imports from GCC countries amounted to SAR17.6 billion. However, no comparative figure was given.

Saudi Arabia’s non-oil trade surplus with GCC countries jumped 600 percent year on year to SAR6.8 billion in the second quarter.

In its latest Purchasing Managers’ Index (PMI) survey, Riyad Bank said the non-oil private sector reported improvement last month, driven by steady expansion of business activity amid a challenging market environment.

• New factories underpin Saudi non-oil activity surge
• UAE’s non-oil foreign trade closing in on 2024 target
• Bahrain’s economy expands on non-oil sector growth

The seasonally adjusted PMI rose to 54.8 in August from 54.4 in July, the lowest reading since January 2022. Any score over 50 shows growth, while below indicates economic contraction.

The survey found that non-oil firms were more upbeat about future activity, with expectations for the year ahead rising to their strongest since March.

The optimism was high for sales pipelines, along with a boost in output from investment, tourism, and population growth.