Minister of Industry: Non-oil exports represent 44%… and re-exports jump 3 times
The Minister of Industry and Mineral Resources said, Bandar Al-Kharif, said that the re-export item recorded a growth of about 53% in one year, while it has tripled since 2021, attributing this to: the development of commercial and customs legislation, in addition to the efficiency of ports and infrastructure, and the growth of special economic zones.
Al-Kharif added in statements to Al-Arabiya channel, that the economic zone at Riyadh Airport played an important role, with the contribution of international companies such as "Apple" In this growth, such as what happened in the economic zone at Riyadh Airport.
624 billion riyals in non-oil exports
He explained that the value of The Saudi economy has begun to reap the benefits of structural transformation, with a noticeable diversification in the components of non-oil exports, whether in goods, services or re-exports, which enhances the sustainability of growth and opens new markets.
Diversification of Exports
The Minister pointed out that the structure of exports is no longer limited to petrochemicals, despite their continued existence as a main element, stressing the emergence of new sectors that lead growth, most notably: fertilizers, whose exports increased from 7 million tons to about 11 million tons, driven by the expansion of Ma’aden’s investments.
He added that the mining sector has become one of the main pillars of exports, noting that the food industries recorded a growth of about 60% with the support of food security strategies.
He stated that this diversification reflects the building of a more flexible production base and the ability to expand in global markets.
Limited impact of geopolitical tension
The minister said: Regional tensions constituted a real test, but Saudi Arabia showed high flexibility, noting By forming teams to manage the crisis in cooperation with the private sector, in addition to providing alternative logistical paths, as well as transferring some exports from the eastern region to the western region.
He added that the greatest impact was on liquid products, but it was partially contained by directing some production to the local market, while supporting exporters through government programs to compensate for the additional costs.
A new map of supply chains
Al Khareef expected that the current crisis would contribute to reshaping regional supply chains, noting that the region has an opportunity to strengthen Industrial and logistical integration between the Gulf states and neighboring countries, such as Iraq and Jordan, especially since the region represents a large and promising market, and integration between them will enhance economic stability in the future
The Minister explained that the Saudi Export Bank provided financing exceeding 130 billion riyals despite its recent establishment, while the Saudi Export Development Authority played an important role in opening new markets, licensing export houses, supporting small and medium-sized companies, and addressing more than 400 export obstacles, while the Saudi Export Development Authority contributed "Made in Saudi Arabia" In enhancing consumer confidence in national products.
Growth of non-oil exports
Al-Kharif indicated that the percentage of non-oil exports reached 44% of total exports, compared to 39% previously, considering that this percentage reflects remarkable progress in the path of diversification.
He explained that the industrial projects being implemented will support doubling these numbers in the coming years, with the entry of new production capacities directed at specific markets.
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