26 Feb 2025
RIYADH: Saudi Arabia recorded a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a 17.3 percent year-on-year surge in non-oil exports, official data showed.
According to the General Authority for Statistics, the Kingdom’s non-oil exports in the fourth quarter rose to SR82.05 billion, up from SR69.97 billion in the same period of 2023. Non-oil exports, excluding re-exports, increased 8.2 percent, while re-exported goods surged 47.3 percent.
While Saudi Arabia’s trade surplus grew in the fourth quarter, it remained 52.4 percent lower year-on-year as oil exports fell 13.3 percent, aligned with the output cut agreement made by OPEC.
The rise in non-oil exports underscores the progress of the Kingdom’s economic diversification efforts, which aim to transform the nation’s fiscal landscape and reduce reliance on crude revenues.
Speaking at the World Investment Conference in November, Saudi Minister of Economy and Planning Faisal Al-Ibrahim said non-oil activities have reached 52 percent of the Kingdom’s gross domestic product.
“The ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in the fourth quarter of 2024 from 34.7 percent in the fourth quarter of 2023. This was due to a 17.3 percent increase in non-oil exports and a 15.5 percent increase in imports over that period,” said GASTAT.
The Kingdom’s non-oil exports were dominated mainly by chemical products, which accounted for 25.8 percent of the overall outbound shipments.
GASTAT added that plastic and rubber products accounted for 22.4 percent of total non-oil shipments.
Despite a rise in outbound shipments for non-oil goods, Saudi Arabia’s overall merchandise exports decreased by 6.1 percent year on year in the fourth quarter, reaching SR277.93 billion, driven by a 13.3 percent decline in oil exports.