Data reveals an improvement in the performance of Saudi non-oil exports.

The latest data released today, Thursday, April 24, revealed an improvement in the performance of Saudi non-oil exports during the past month of February, recording a growth of 14.3% compared to the same period last year.

This positive performance came despite a 2.6% decline in total commodity exports.

Non-oil exports excluding re-exports saw a slight increase of 0.7%, while the value of re-exported goods witnessed a significant jump of 45.9%.

On the other hand, oil exports decreased by about 7.9%, leading to a decrease in their contribution to total exports from 76.3% to 72.1%.

In terms of the trade balance, the percentage of non-oil exports including re-exports to imports increased to 41.3% compared to 34.1% in February of the previous year.

Imports also decreased by 5.6%, while the trade surplus achieved a 4% growth on an annual basis.

This development comes within the Kingdom's efforts to diversify its national income sources and reduce reliance on oil, in line with the goals of Saudi Vision 2030.