Saudi non-oil exports rise 13% in 2024, trade volume tops SR2 trillion

Saudi Arabia’s Non-Oil Exports Surge 13.1% in 2024 as Trade Diversification Gains Pace

Saudi Arabia made notable progress in diversifying its economy in 2024, as evidenced by the 13.1% annual growth in non-oil exports, including re-exports, as reported in the General Authority for Statistics’ International Trade Statistics Bulletin. As demonstrated by this increase, the Kingdom is working to reduce its dependence on oil and increase trade in other areas.

Despite the strong non-oil trade performance, overall merchandise exports totaled 1.145 trillion riyals, down 4.5% compared to 2023. Meanwhile, imports increased by 12.5% ​​to 873 billion riyals. A trade surplus of 272.6 billion riyals was generated as the total trade volume exceeded 2.018 trillion riyals.

In 2024, the percentage of non-oil exports to imports increased marginally from 35.1% to 35.3%. The country’s goal of diversifying its exports beyond hydrocarbons is supported by the fact that non-oil exports grew faster than imports. Notably, there was a notable tendency towards economic diversification as the proportion of oil exports in the overall export mix dropped from 77.3% in 2023 to 73.1% in 2024.
Products from the chemical industry accounted for 25.5% of the non-oil export market. At 25.3% of total imports, machinery, electrical equipment, and spare parts remained the market leaders.

China was Saudi Arabia’s biggest trading partner, accounting for 15.2% of all exports and 23.9% of all imports, indicating the two nations’ strong economic relations.
With non-oil industries becoming more and more significant in trade and economic activity, this data highlights Saudi Arabia’s progress in transforming its economy in line with Vision 2030.