Saudi Arabia’s non-oil exports rose 0.7% y-o-y to SAR 16.1 bn in February 2025, its lowest level in almost a year, according to initial data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 14.3% y-o-y, buoyed by a 45.9% increase in re-exports value, despite a 2.6% decrease in merchandise exports over the same period. Meanwhile, imports decreased 5.6% y-o-y to SAR 63.2 bn, and the surplus of the merchandise trade balance rose 4.0%.

EXPORTS BREAKDOWN-

Non-oil exports remained higher than imports, with the ratio rising to 41.3% in February, compared to 34.1% in the same month a year ago.

Chemical products, which accounted for 20.3% of non-oil exports, dropped 3.6% y-o-y. Plastics, rubbers, and their derivatives, making up 20% of non-oil exports, logged a 1.7% y-o-y decrease.

Machinery, electrical equipment, and parts were the most sought after by importers, making up 23.5% of total imports while dropping 0.7% y-o-y to SAR 14.9 bn. Transportation equipment and parts followed, accounting for 15.4% of total imports, recorded a 24.3% y-o-y increase to SAR 9.7 bn.

China remains #1 on the trade list: The Kingdom’s merchandise exports to China made up 16.2% of our total exports in January 2025, followed by South Korea (10.1%) and the UAE (9.8%). Meanwhile, Chinese goods accounted for just under a quarter of total imports over the same period, followed by the US (7.3%) and India (6.7%).

ON THE OIL FRONT- Oil’s share of total exports dropped by 4.2 percentage points y-o-y to 72.1% in February 2025, as total oil exports fell 7.9% y-o-y during the same period.

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