Saudi Arabia’s non-oil exports, including re-exports, recorded a 0.8 percent increase in January 2024 compared to the same period in 2023, reported the General Authority for Statistics. Excluding re-exports, non-oil exports saw an 11.5 percent decline as re-exports rose by 42.6 percent in the same period. The authority also reported a decline in overall merchandise exports mainly due to the decline in oil exports following Saudi Arabia’s pledge of an additional oil output cut of 1 million barrels per day in July 2023.
Overall merchandise exports saw a 10.3 percent annual decline in January 2024. Meanwhile, Saudi Arabia’s share of oil exports in total exports decreased from 77.6 percent in January 2023 to 74.8 percent in January 2024. Saudi Arabia’s merchandise imports also decreased by 1.4 percent in January 2024. When it comes to the merchandise trade balance, the surplus saw a 26.3 percent decline compared to January 2023.
Compared to December 2023, total merchandise exports saw a 3.6 percent decline, and non-oil exports, including re-exports, saw a 9.7 percent decline. Meanwhile, imports increased by 10.5 percent. Therefore, the merchandise trade balance surplus declined by 28.2 percent compared to December 2023.
Ratio of non-oil exports
Saudi Arabia’s ratio of non-oil exports to imports reached 35.8 percent in January 2024 compared to 35.1 percent in January 2023. This increase is primarily attributed to the increase in non-oil exports and the decline in imports during the year.
Among the most notable non-oil exports were plastics and rubber products, which accounted for 23 percent of Saudi Arabia’s non-oil merchandise exports. Following closely came ‘products of the chemical and allied industries’, which made up 22.9 percent of total non-oil merchandise exports.
On the other hand, the most notable imports included machinery and electrical equipment with 22 percent of total imports. Meanwhile, transport equipment and parts came in second with 13.6 percent of Saudi Arabia’s total merchandise imports.
China remains top trade partner
In January 2024, Saudi Arabia’s exports to China made up 15 percent of total exports, making it the main destination for the Kingdom’s exports. Following closely came South Korea at 10.3 percent and Japan at 10.1 percent. India, the UAE, the US, Bahrain, Egypt, Taiwan and France were also among the top 10 destinations for Saudi Arabia’s exports.
Meanwhile, imports from China accounted for 20.4 percent of Saudi Arabia’s total imports in January 2024. Next came the US with 7.8 percent of total imports and the UAE with 6.7 percent. India, Switzerland, Japan, Egypt, South Korea, Germany and Italy were also among the top 10 importers to Saudi Arabia.
Read: UAE, China seek $200 billion in trade exchange by 2030, up from $95 billion in 2023: Report
Top five customs ports
Saudi Arabia’s top 5 customs ports took a 73.4 percent share of Saudi Arabia’s total merchandise imports.
- King Abdulaziz Sea Port in Dammam: Imports through the port recorded SAR16.9 billion, or 25.3 percent of total imports in January.
- Jeddah Islamic Sea Port accounted for 20.5 percent of imports.
- King Khalid Int Airport in Riyadh accounted for 14 percent of imports
- King Abdulaziz Int. Airport accounted for 7.7 percent
- King Fahad Int Airport in Dammam accounted for 5.9 percent
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