Saudi Arabia's non-oil exports experienced a significant increase of 12.7% in October, reaching a total value of $6.76 billion, according to the General Authority for Statistics (GASTAT). This surge reflects the kingdom's continued efforts to diversify its economy under its Vision 2030 initiative, reducing reliance on oil revenues and boosting other sectors, including manufacturing and trade.
The increase in non-oil exports is attributed to the growth in demand for various products, including petrochemicals, plastics, and other industrial goods, which have become key export items. GASTAT's report also highlights the country's push to strengthen trade relations with regional and international partners, contributing to the rise in exports.
The performance of Saudi non-oil exports aligns with the broader goals of Vision 2030, which aims to transform the economy by fostering new industries and improving trade partnerships. The data signals a positive trend for Saudi Arabia's economic diversification efforts and its potential to position itself as a global trade hub beyond oil exports.
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