Kingdom: Non-oil exports rise by 13%, while oil exports decline by 9.7% in 2024

The General Authority for Statistics revealed that non-oil exports (including re-exports) reached 13.1% compared to 2023, while total commodity exports recorded a 4.5% year-on-year decline. Imports increased by 12.5% ​​in 2024. Oil exports also declined by 9.7%.

As for imports, they increased by 12.5% ​​in 2024. When looking at the commodity trade balance, the surplus decreased by 35.7% compared to 2023. According to the 2024 International Trade Statistics Bulletin, issued today, Wednesday, the ratio of non-oil exports (including re-exports) to imports increased to 35.3% in 2024, compared to 35.1% in 2023. The share of oil exports in total exports also decreased from 77.3% in 2023 to 73.1% in 2024.

The bulletin reported that “chemical industry products” topped the list of non-oil export items, accounting for 25.5% of total exports, while “machinery, electrical appliances, and equipment and parts thereof” topped the list of imports, accounting for 25.3%.

The bulletin’s results indicated that the People’s Republic of China remains the Kingdom’s main trading partner in commodity trade. It accounted for 15.2% of total Saudi exports in 2024, followed by South Korea (9.4% of total exports), and Japan (9.3% of total exports). India, the UAE, the United States, Poland, the Kingdom of Bahrain, Egypt, and Taiwan were among the top 10 countries to which the Kingdom exported, with the total value of the Kingdom’s exports to these ten countries amounting to 66.7% of total exports.

China also ranked first among the Kingdom’s imports, accounting for 23.9% of total imports in 2024, followed by the United States (8.4% of total imports), and the UAE (5.5% of total imports). India, Germany, Japan, Italy, Egypt, Switzerland, and South Korea were among the top 10 countries from which the Kingdom exported, with the total value of the Kingdom’s imports from these ten countries amounting to 63.7% of total imports.