Saudi Arabia’s non-oil exports surged by 18.1% in December 2024 compared to the same period last year. This growth underscores Riyadh’s strategic pivot from oil dependency to a more varied economic portfolio.
The increase was primarily driven by a 15.9% rise in national non-oil exports and a significant 23.4% leap in re-exported goods. These figures emphasize the Kingdom’s robust expansion in sectors beyond its traditional oil-based economy.
Despite the promising growth in non-oil sectors, overall merchandise exports experienced a decline of 2.8%, attributed to a substantial 10% drop in oil exports. Consequently, the share of oil in total exports shrank from 74.3% in December 2023 to 68.8% in December 2024.
Amid these shifts, imports surged by 27.1%, leading to a contraction in the trade surplus by 56.1%. The ratio of non-oil exports to imports fell to 37.3% in December 2024, compared to 40.1% the previous year, highlighting the faster growth rate of imports.
Chemical products and plastics topped the list of non-oil export categories, with a 13.8% increase, reflecting the Kingdom’s growing prowess in these industries. Meanwhile, machinery and transport equipment remained the leading import categories, indicating ongoing infrastructure and technological investments.
China maintained its position as Saudi Arabia’s largest trading partner, accounting for 13% of the Kingdom’s total exports and 23.5% of imports. This relationship underscores the strategic economic ties between the two nations. Other significant export destinations included South Korea and Japan, while the U.S. and the UAE were prominent import sources.
King Abdulaziz Sea Port in Dammam handled the largest share of imports at 27.8%, followed by Jeddah Islamic Sea Port and King Khalid International Airport, facilitating Saudi Arabia’s bustling trade activities.
Economic analyst Dr. Lina Al-Maeena commented, “Saudi Arabia’s focus on non-oil sectors is a testament to its Vision 2030 goals. The Kingdom is building a future-ready economy, resilient to global oil market fluctuations.”
According to the International Monetary Fund, Saudi Arabia’s economic transformation is expected to bolster its GDP growth, with non-oil sectors playing a crucial role in sustaining economic stability.
