Saudi Arabia’s non-oil exports increased by 18.1% in December 2024 compared to December 2023, while re-exports rose by 23.4%. However, overall merchandise exports declined by 2.8%, and imports grew by 27.1% during the same period. The General Authority for Statistics (GASTAT) reported that chemical industry products were a major contributor, representing 25.9% of total non-oil exports for the month.
In the fourth quarter of 2024, non-oil exports, including re-exports, increased by 17.3% compared to the same quarter in 2023. Non-oil exports, excluding re-exports, rose by 8.2%, while re-exported goods surged by 47.3%. Overall merchandise exports in Q4 2024 declined by 6.1% year-on-year, primarily due to a 13.3% drop in oil exports. Consequently, the share of oil exports in total exports decreased from 76.4% in Q4 2023 to 70.5% in Q4 2024.
Imports increased by 15.5% in Q4 2024, leading to a 52.4% decline in the trade balance surplus compared to Q4 2023.
