Saudi Arabia achieved a notable 13.1% increase in non-oil exports in 2024, according to the International Trade Statistics Bulletin 2024 released by the General Authority for Statistics. This surge in non-oil trade demonstrates the Kingdom’s ongoing efforts to diversify its economy and reduce reliance on oil exports.
Total non-oil exports, including re-exports, reached impressive levels, contributing to a robust trade performance despite overall shifts in trade patterns. The Kingdom's total merchandise exports declined by 4.5% year-on-year, totaling SR1.145 trillion. On the import side, Saudi Arabia saw an increase of 12.5%, with imports rising to SR873 billion. As a result, the total trade volume in 2024 amounted to SR2.018 trillion, leading to a trade surplus of SR272.6 billion.
Diversification of Trade Base
The ratio of non-oil exports to imports showed slight improvement, increasing to 35.3% in 2024 from 35.1% in 2023. This reflects the stronger growth in non-oil exports compared to imports. Additionally, oil exports represented a smaller share of total exports, dropping from 77.3% in 2023 to 73.1% in 2024, highlighting the Kingdom's growing trade diversification.
Among the non-oil exports, chemical industry products led the way, making up 25.5% of the total non-oil exports. On the import side, machinery, electrical equipment, and spare parts accounted for 25.3% of the Kingdom's total imports.
China Remains Key Trading Partner
China retained its position as Saudi Arabia’s largest trading partner, accounting for 15.2% of the Kingdom’s total exports and 23.9% of its imports in 2024. This highlights the importance of China to Saudi Arabia’s trade network, reflecting the strong economic ties between the two nations.
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