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Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT

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According to data from the General Authority for Statistics, chemical and allied products led the non-oil exports, accounting for 27.7 percent of the total outbound shipments, a 3.8 percent rise from June 2023. Shutterstock
  • Chemical and allied products led the non-oil exports, accounting for 27.7 percent of the total outbound shipments, a 3.8 percent rise from June 2023.
  • The Kingdom exported SR4.46 billion worth of non-oil products to the UAE in June, followed by China at SR2.66 billion and India at SR1.74 billion.

RIYADH: Saudi Arabia’s non-oil exports increased by 7.3 percent in June, reaching SR21.59 billion ($5.75 billion) compared to the same month last year, official data showed.

According to data from the General Authority for Statistics, chemical and allied products led the non-oil exports, accounting for 27.7 percent of the total outbound shipments, a 3.8 percent rise from June 2023.

Plastic products followed, comprising 25.7 percent of non-oil exports, up 2.8 percent year on year.

Saudi Arabia’s focus on increasing non-oil exports is a key part of its Vision 2030 strategy to diversify the economy. By expanding sectors like chemicals and manufacturing, the Kingdom aims to reduce its reliance on oil, boost industrial growth, and build a more resilient economy.

The report highlighted that the Kingdom exported SR4.46 billion worth of non-oil products to the UAE in June, followed by China at SR2.66 billion and India at SR1.74 billion.

Bahrain imported SR983 million in non-oil goods, while Turkiye and Singapore received SR851.2 million and SR692.9 million worth of products, respectively.

However, compared to May, non-oil exports decreased by 26.4 percent.

The GASTAT report also highlighted that the Kingdom’s overall merchandise exports fell by 5.8 percent in June to SR87.90 billion. This decline was attributed to a 9.3 percent drop in oil exports, following Saudi Arabia’s decision to reduce crude output as part of the OPEC+ agreement.

To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024.

On the import side, GASTAT noted a 5.1 percent decrease in June, with the total value falling to SR57.71 billion.

China remained Saudi Arabia’s top trading partner for imports, with shipments worth SR12.08 billion, followed by the US, the UAE, and India at SR5.21 billion, SR3.79 billion, and SR2.78 billion, respectively.

King Abdulaziz Sea Port in Dammam was the primary entry point for goods, with imports valued at SR15.69 billion, representing 27.2 percent of the total.

The growth in non-oil exports reflects the Kingdom’s progress in reducing its reliance on oil and expanding its industrial base. This strategic shift is vital for ensuring long-term economic stability and enhancing global competitiveness.

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A billion laser points helped bring Notre Dame back to life

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After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.

The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.

“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”

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Inflation was the cause, not the result, of the ‘hot’ labor market, research shows

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Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.

The Great Resignation was in full swing.

That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.

But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.

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The Container Store files for bankruptcy

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The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.

The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.

The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.

“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”

Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.

The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.

The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.

The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.

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