Saudi non-oil exports jump 13% with volume of trade exceeding SR2tr in 2024

Dubai: Saudi Arabia recorded a 13.1 per cent increase in non-oil exports, including re-exports, in 2024 compared to the previous year, according to the International Trade Statistics Bulletin 2024 released by the General Authority for Statistics on Wednesday.

Despite this strong growth in non-oil trade, total merchandise exports declined by 4.5 per cent year-on-year, while imports rose by 12.5 per cent. Total exports reached SR1.145 trillion, while imports stood at SR873 billion. The Kingdom’s overall trade volume amounted to SR2.018 trillion, resulting in a trade surplus of SR272.6 billion.

The ratio of non-oil exports (including re-exports) to imports increased slightly to 35.3 per cent in 2024, up from 35.1 percent in 2023. This improvement was driven by the sharper rise in non-oil exports relative to imports. Oil exports accounted for a smaller share of total exports, falling from 77.3 per cent in 2023 to 73.1 per cent in 2024—reflecting the growing diversification of the Kingdom’s trade base.

Among non-oil exports, products from the chemical industry led the way, comprising 25.5 per cent of the total. On the import side, machinery, electrical equipment, and spare parts were the top categories, representing 25.3 per cent of total imports. China retained its position as Saudi Arabia’s largest trading partner. It accounted for 15.2 per cent of the Kingdom’s total exports and 23.9 per cent of its imports in 2024.