Sharp fall in Saudi non-oil commodity exports

Saudi Arabia’s non-oil commodity exports decreased by 27.3 per cent in July compared to the same period last year, the Anadolu Agency reported yesterday.

The General Authority for Statistics in the kingdom reported that the Saudi imports decreased by 32.7 per cent in the same month, down from $13.26 billion in July 2015 to $8.93 billion this year.

Through Vision 2030, the kingdom plans to diversify its non-oil exports to reduce its dependence on the oil market.

The UAE topped the list of countries importing Saudi good, followed by China, India, Singapore and Kuwait. China however provides Saudi with the majority of its imports, followed by the US, Germany, South Korea and the UAE.

Currently, Saudi Arabia suffers from a sharp decline in its financial income due to the global drop in crude oil price.