Saudi nonoil exports forge ahead, with little support | Arab News

Saudi nonoil exports forge ahead, with little support | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"Saudi Arabia has been the largest oil exporter for decades. However, there is a growing niche for nonoil exports, which account for approximately (12) percent of all its exports, but nonoil exporters complain about the limited support they receive compared to oil exports and to importers.
For Saudi Arabia to achieve its goal of diversification away from oil, it has to adopt a more proactive approach toward export promotion.
Last year, Saudi Arabia nonoil exports reached a record $51 billion, a five-fold increase over the 2003 level of $11 billion. Since 2003, nonoil exports have grown by an average annual rate of (20) percent. While those numbers are impressive, there has been a considerable degree of volatility and uncertainty. For example, last year, nonoil exports grew by a relatively modest (8) percent and in 2009, they shrank by (11) percent because of the global financial crisis."

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