Non-oil Exports Drive Saudi Arabia's Trade Surplus in Q4 2024
Saudi Arabia's non-oil exports reported a surge during the fourth quarter of 2024, compared to the same period last year, resulting in a trade surplus of SAR 44.89 billion.
According to the Saudi General Authority of Statistics (GASTAT)'s International Trade Report for Q4 2024, the Kingdom's non-oil exports increased by 17.3% year-on-year in the final quarter of the year. Non-oil Exports Surge
In Q4 2024, Saudi Arabia's non-oil exports reached SAR 82.05 billion, increasing from SAR 69.97 billion in the same period in 2023. The GASTAT report noted that non-oil exports (excluding re-exports) rose by 8.2%, while re-exported goods increased by 47.3% during the same period.
However, oil exports declined by 13.3% during Q4 2024, keeping trade surplus 52.4% lower year-on-year, despite its growth in the fourth quarter of 2024.
The increase in non-oil exports aligns with the objectives of Saudi Vision 2030, which aim to diversify the Kingdom's national economy and reduce reliance of oil revenues. Export to Import Ratio
The GASTAT report stated that the total exports during the final quarter of 2024 recorded SAR 277.9 billion, while the imports reached SAR 233 billion. The report also pointed to an increase in non-oil exports to imports ratio during Q4 2024.
#GASTAT Publishes International Trade Report for Q4 of 2024
— الهيئة العامة للإحصاء (@Stats_Saudi) February 25, 2025
According to the report, the ratio of non-oil exports (including re-exports) rose to 35.2% in Q4 2024, from 34.7% in the same period of 2023. This increase was the result of a 17.3% surge in non-oil exports and a 15.5% increase in imports over the same period. Main Exports and Imports
Saudi Arabia's main exports during Q4 2024 were dominated by mineral products, accounting for SAR 197.2 billion, followed by chemical products, accounting for SAR 21.1 billion. Moreover, plastic and rubber products accounted for SAR 18.4 billion, while machinery and electric appliances accounted for SAR 12.7 billion and vehicles and aircraft accounted for SAR 9.1 billion.
On the other side, machinery and electrical appliances dominated the Kingdom's imports, with SAR 60.9 billion, followed by vehicles and aircraft with SAR 35.3 billion. Base metal imports accounted for SAR 22.2 billion, while chemical products recorded SAR 19.7 billion and mineral products SAR 13 billion. Top Trading Partners
China was Saudi Arabia's top trading partner in Q4 2024, receiving goods worth SAR 40.9 billion, followed by Japan, with SAR 27.4 billion exports. In the third place came India, exporting SAR 26.7 billion worth of goods. Meanwhile, South Korea was in the fourth place, with exports worth SAR 26.5 billion, and the UAE was the fifth, with SAR 23.5 billion.
China was also Saudi Arabia key partner for imported goods, with SAR 59.7 billion worth of goods. The US came in the second place, with SAR 21.1 billion, followed by the UAE with SAR 12.6 billion. India came in the fourth place, with SAR 11.3 billion, and Germany was the fifth, with SAR 10.4 billion.
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