RIYADH: Saudi Arabia achieved a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a notable 17.3 percent year-on-year growth in non-oil exports, according to official data from the General Authority for Statistics (GASTAT).
Non-oil exports rose to SR82.05 billion in Q4, up from SR69.97 billion in the same period of 2023, reflecting a shift toward economic diversification. Exports excluding re-exports saw an 8.2 percent increase, while re-exported goods surged 47.3 percent. This growth highlights the Kingdom’s expanding non-oil export sector as part of its economic diversification efforts, aiming to reduce reliance on crude oil revenues.
However, the overall trade surplus was 52.4 percent lower than the previous year, due to a 13.3 percent decline in oil exports. This decline aligns with OPEC’s output cut agreement, which has affected oil-related revenues. Despite this, non-oil exports contributed to a brighter economic outlook, reflecting the Kingdom’s progress toward a diversified economy.
Minister of Economy and Planning, Faisal Al-Ibrahim, emphasized that non-oil activities now account for 52 percent of the Kingdom’s GDP. The ratio of non-oil exports to imports increased to 35.2 percent in Q4 2024, from 34.7 percent in the same period of 2023.
Chemical products were the largest contributor to non-oil exports, making up 25.8 percent of total outbound shipments, followed by plastic and rubber products, which accounted for 22.4 percent.
Saudi Arabia’s total merchandise exports for Q4 2024 were valued at SR277.93 billion, down 6.1 percent from the previous year, primarily due to the decrease in oil exports. Oil exports made up 70.5 percent of total exports, a decline from 76.4 percent in Q4 2023.
The Kingdom’s largest trading partner during the fourth quarter was China, with Saudi exports to the country totaling SR40.88 billion. Other major recipients included Japan (SR27.35 billion) and India (SR26.68 billion).
In terms of imports, Saudi Arabia’s total imports for Q4 2024 reached SR233.04 billion, an increase of 15.5 percent year-on-year. The largest suppliers were China (SR59.66 billion), the US (SR21.07 billion), and the UAE (SR12.63 billion). King Abdulaziz Sea Port in Dammam handled the largest share of these imports, processing goods valued at SR66.19 billion, or 28.4 percent of the total.
In December 2024, Saudi Arabia’s non-oil exports increased by 18.1 percent year-on-year, reaching SR29.45 billion. However, the Kingdom’s total merchandise exports decreased by 2.8 percent in December, amounting to SR94.29 billion. Despite the rise in imports, the trade balance surplus for December fell by 56.1 percent, reaching SR15.26 billion.
As Saudi Arabia continues to diversify its economy, the growth in non-oil exports represents a key milestone in the Kingdom’s broader efforts to reshape its economic landscape.
