Mosamania
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JEDDAH: Saudi Arabias nonoil exports in the third quarter of 2011 rose by 34 percent to $42.89 billion compared to the same period in 2010, when the value of exports was at $31.94 billion, according to the General Statistics Department.
A department report said the total volume of exports rose by 314,000 tons or three percent from 11.49 million tons to 11.81 million tons.
It said petrochemicals topped the list of Saudi exports as it valued $15.3 billion, adding that it showed 59 percent rise compared to the third quarter of 2010.
Plastic products came second with $13.87 billion (with an increase of 34 percent), followed by foodstuffs $2.98 billion (12 percent rise) and re-exports $4.7 billion (six percent increase).
The report comes at a time when the Saudi government has intensified its efforts to strengthen the industrial sector, which achieved a record growth rate of 15 percent in 2011.
The newly appointed Commerce and Industry Minister Tawfiq Alrabiah, former director general of Saudi Industrial Property Authority, has vowed to bolster the sector further as part of the Kingdoms diversification drive.
According to the report, China topped the list of importers from Saudi Arabia during Q3 as it received products worth $5.6 billion or 13 percent of the total exports, followed by the UAE $4.16 billion or 10 percent and Singapore $2.97 billion or 7 percent.
India came fourth among importers from the Kingdom as it received products valued at $2.42 billion or 6 percent of the total Saudi exports while other countries received goods worth $27.7 billion or 64 percent.
Non-Arab and non-Islamic Asian countries received 35 percent of Saudi exports valued at $14.9 billion during the period, the report pointed out.
The Gulf Cooperation Council states were the second largest recipients of Saudi products valued at $8.46 billion or 20 percent of the total, followed by other Arab countries $6.66 billion or 16 percent and the European Union $5.23 billion or 12 percent of the total exports.
The value of Saudi imports during the period declined by 3 percent to reach $96.79 billion against $100 billion during Q3 of 2010.
The volume of imports dropped by 27 percent from 15.5 million to 11.24 million tons, the report added.
Equipment, machinery and electrical utensils topped the list of Saudi imports during Q3 as they valued $26.3 billion or 27 percent of total imports, followed by transport materials worth $14.75 billion or 15 percent and foodstuffs $14.17 billion or 14.6 percent.
China remained the largest exporter to the Kingdom sending goods worth $15.7 billion or 16 percent of the total Saudi imports, followed by the $10.95 billion or 11 percent, Germany $6.6 billion or 7 percent, Japan $6.55 billion or 6.5 percent.
Non-Arab and non-Islamic Asian countries topped the list of exporters to the Kingdom during Q3 with their exports valuing $35.46 billion or 36 percent followed by the European Union $24.73 billion or 26 percent, North America $12.18 billion or 13 percent and the GCC SR7 billion or 7 percent.
Speaking about the Saudi-GCC trade during the period, the report said Saudi imports from the GCC stood at $7 billion while Saudi exports to the GCC valued at $6.95 billion registering 18 percent and 24 percent increase respectively.
The UAE is the Kingdoms largest trading partner in the GCC with two-way trade reaching $7.5 billion followed by Kuwait and Qatar.
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This is bad news for EVERYONE here. Saudis are moving away from Oil damn now what will you guys when the oil runs out??
