The Kingdom’s non-oil exports rose 2.1% y-o-y in November, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — grew 19.7%, with re-exports increasing in value by 82.9% over the same period. Imports were also up 13.9% in November, while the surplus of the merchandise trade balance declined 44.3% y-o-y.

NON-OIL EXPORTS-

Still in the lead: The ratio of non-oil exports to imports jumped by 1.8 percentage points y-o-y to 36.6% in November, driven by a 19.7% rise in non-oil exports, and a 13.9% increase in imports.

Chemical goods are still our biggest non-oil export category, accounting for 24% of total non-oil exports in November, down 1.6% y-o-y. Plastics, rubber, and their derivatives followed, accounting for 21.7% of total non-oil exports, a 4% y-o-y increase.

Machinery and electrical equipment were the most imported goods during the month, accounting for 28.1% of all imports — a 22.4% y-o-y increase. Meanwhile, transportation equipment and parts accounted for 14.2%, marking a 22% y-o-y increase.

OUR TRADING PARTNERS-

China remains our top trade partner: The kingdom’s merchandise exports to China made up 14.9% of total exports in November, followed by Japan (9.9%) and the UAE (9.7%). Meanwhile, imports from China accounted for a little more than a quarter (27.3%) of Saudi’s total imports in the same period.

Other top suppliers: The US accounted for 10.2% of the Kingdom’s total imports, followed by the UAE (5.3%), making them our second and third-biggest sources of imports after China. Germany, India, Japan, Italy, Switzerland, Egypt and South Korea were among the Kingdom’s top 10 import markets, accounting for a combined 67.4% of total imports.

Ports in focus: Dammam’s King Abdulaziz Port handled 24.7% of imports in November 2024, followed by Jeddah Islamic Port (23.9%), and Riyadh’s King Khalid International Airport (14.9%).

ON THE OIL FRONT-

Oil exports inching lower: Oil’s share of total exports decline by 5.0 percentage points y-o-y to 70.3% in November. The 12.3% decrease in oil exports led to merchandise exports falling 4.7% y-o-y.

IN OTHER TRADE NEWS-

Saudi Arabia’s trade services grew 7% y-o-y in 2023 to SAR 540 bn, state news agencySPA reports, citing Commerce Minister Majid Al Kassabi. Meanwhile, the Kingdom has invested SAR 93.7 bn in digital infrastructure, with an additional SAR 75 bn earmarked for future projects, Al Kassabi said, without specifying a timeframe.

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