Saudi Arabia reported strong trade performance in January, highlighting Saudi non-oil exports growth as a key economic driver. Moreover, fresh data shows a significant shift away from oil dependence.
According to official figures, non-oil exports, including re-exports, increased by 22.1% compared to last year. However, national non-oil exports excluding re-exports declined by 9.9%. Meanwhile, re-export activity surged sharply by 95.5%, indicating strong regional trade movement.
In addition, total non-oil exports reached around 16.74 billion riyals. At the same time, re-exports stood close to 15.83 billion riyals. Therefore, the combined figures highlight expanding trade channels beyond domestic production.
On the other hand, overall merchandise exports saw only a modest rise. They increased by 1.4% to nearly 98.7 billion riyals. However, petroleum exports dropped by 6.4%, reaching about 66.1 billion riyals. As a result, oil’s share in total exports declined noticeably.
Previously, oil exports accounted for 72.6% of total exports. Now, they represent 67.0%, showing a gradual diversification trend. Consequently, Saudi non-oil exports growth continues to support long-term economic goals.
Meanwhile, imports also showed steady expansion. They rose by 6.5% to approximately 81.4 billion riyals. This increase reflects higher domestic demand and ongoing industrial activity.
Despite export gains, the trade surplus narrowed. It fell by 17.5% compared to the previous year. Therefore, the balance reached around 17.3 billion riyals for January.
Furthermore, the ratio of non-oil exports to imports improved. It climbed to 40.0%, compared to 34.9% last year. This shift mainly resulted from faster export growth relative to imports.
Looking at key sectors, electrical machinery and equipment dominated non-oil exports. They made up 24.2% of the total and jumped by 77.5%. In contrast, chemical products accounted for 19.2% but declined slightly by 3.1%.
Similarly, machinery and electrical equipment led import categories. They represented 30.3% of total imports and increased by 23.7%. Meanwhile, transport equipment followed with a 13.7% share and moderate growth.
Overall, the data reflects structural changes in the economy. As diversification efforts continue, Saudi non-oil exports growth remains a central pillar of economic transformation.
