Saudi Arabia’s non-oil exports grow 17.3 percent to $21.88 billion in Q4 2024

Saudi Arabia recorded a notable 17.3 percent annual increase in non-oil exports to SAR82.05 billion ($21.88 billion) in the fourth quarter of 2024. The General Authority for Statistics also revealed that non-oil exports, excluding re-exports, increased 8.2 percent, while re-exports rose 47.3 percent.

Driven by the remarkable surge in non-oil exports, Saudi Arabia recorded a trade surplus of SAR44.89 billion in Q4 of 2024. The Kingdom’s trade surplus, however, remained 52.4 percent lower year-on-year due to a 13.3 percent decline in oil exports amid OPEC oil output cuts.

Imports grow 15.5 percent to SAR233 billion

In Q4, Saudi Arabia’s imports rose 15.5 percent to SAR233 billion while exports declined 6.1 percent to SAR277.9 billion, resulting in a trade volume of SAR510.9 billion.

“The ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in the fourth quarter of 2024 from 34.7 percent in the fourth quarter of 2023. This was due to a 17.3 percent increase in non-oil exports and a 15.5 percent increase in imports over that period,” said GASTAT in its latest report.

Saudi Arabia’s largest trade partners in exports were China, Japan, India, South Korea and the UAE, respectively. Meanwhile, the Kingdom imported the most from China, the U.S., the UAE, India and Germany.

King Abdulaziz Sea Port in Dammam was the largest receiver of goods in Q4, processing products worth SAR66.19 billion or 28.4 percent of the overall inbound shipments.

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Non-oil exports rise 18.1 percent in December

In a separate report, GASTAT revealed that Saudi Arabia’s non-oil exports grew by 18.1 percent annually in December 2024  while re-exported goods rose by 23.4 percent. Merchandise exports declined by 2.8 percent and imports saw an increase of 27.1 percent during the same period.

The report also revealed that chemical industry products were a major non-oil export, representing 25.9 percent of total non-oil exports for the month, while plastic and rubber product exports represented a 22 percent share.

The Kingdom’s overall exports declined 2.8 percent annually to SAR94.29 billion in December while imports grew 27.1 percent annually to SAR79.03 billion. In December the trade surplus decreased by 56.1 percent to SAR15.26 billion.