Saudi Gazette report

RIYADH — There has been an increase of 13.1 percent in Saudi Arabia's non-oil exports, including re-exports, during the year 2024 compared to 2023. However, total merchandise exports declined by 4.5 percent year-on-year, while imports rose by 12.5 percent in 2024, according to the 2024 International Trade Statistics Bulletin, issued by the General Authority for Statistics (GASTAT) on Wednesday.

The report stated that total exports accounted for SR1.145 trillion, while total imports amounted to SR873 billion in 2024. The volume of trade accounted for SR2.018 trillion, and the trade balance surplus amounted to SR272.6 billion. The ratio of non-oil exports, including re-exports, to imports increased to 35.3 percent in 2024, up from 35.1 percent in 2023. This was due to a higher increase in non-oil exports than in imports, with the increase in non-oil exports reaching 13.1 percent, compared to a 12.5 percent ​​increase in imports during the same period.

Meanwhile, the share of oil exports in total exports decreased from 77.3 percent in 2023 to 73.1 percent in 2024. The bulletin showed that chemical industry products topped the list of non-oil exports, accounting for 25.5 percent of the total, while machinery, electrical equipment, and spare parts led imports with a 25.3 percent share.

China remained Saudi Arabia’s top trading partner in merchandise trade, accounting for 15.2 percent of total Saudi exports in 2024, while imports from China accounted for 23.9 percent of the Kingdom’s total imports during the same year.