In the second quarter of 2024, Saudi Arabia’s non-oil exports to Bahrain increased by 213 per cent compared to the previous three months, reaching SR5.79 billion ($1.54 billion), as per official data. The surge was mainly driven by shipments of transport equipment and parts, totalling SR4.59 billion.
Additionally, the Kingdom exported mechanical appliances and electrical products valued at SR154.4 million to Bahrain during the same period, followed by shipments of live animals and related products at SR153.9 million.
The recent increase in non-oil exports from Saudi Arabia highlights the country’s efforts to reduce its historical reliance on oil revenues and diversify its economy.
In the second quarter, Saudi non-oil exports saw a 4.3 per cent growth compared to the previous three months. The Kingdom exported prepared food products and beverages valued at SR103.8 million to Bahrain, and chemical and allied products valued at SR116.8 million.
Furthermore, Saudi Arabia’s total exports to Arab countries reached SR12.15 billion in the second quarter, marking a significant increase of 42.94 per cent from the previous quarter.
During the same period, Saudi Arabia imported goods worth SR2.45 billion. The UAE was the top destination for Saudi non-oil exports, receiving SR15.07 billion in the second quarter.
Non-oil shipments to China and India were SR7.08 billion and SR5.48 billion, respectively. Other significant exports included SR3.13 billion to Singapore, SR2.93 billion to Turkey, and SR2.40 billion to Belgium.
In an earlier report released in September, GASTAT noted that non-oil activities in Saudi Arabia saw a 4.9 per cent year-on-year increase in the second quarter of 2024, driven by the expansion of the finance and insurance sectors.
In comparison to the first quarter, non-oil activities increased by 2.1 per cent. The Kingdom’s seasonally adjusted gross domestic product (GDP) grew by 1.4 per cent quarter on quarter, but experienced a slight annual decline of 0.3 per cent.
The significant increase in non-oil exports to Bahrain underscores the continuous success of Saudi Arabia’s economic diversification initiatives.
By strengthening trade relationships with key regional partners and expanding its non-oil export sector, the Kingdom is reinforcing its strategy to develop a more resilient and diversified economy, in line with its Vision 2030 objectives.