The Kingdom’s non-oil exports rose 5.6% y-o-y in 2Q 2025 to SAR 55.1 bn, according to preliminary data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 17.8% y-o-y at SAR 87.9 bn during the quarter, as re-exports soared 46.2% y-o-y to hit SAR 32.8 bn.

Our trade balance saw a sharp dip in 2Q, shrinking by 56.2% y-o-y to a surplus of SAR 38.2 bn, with total imports rising to SAR 234.7 bn, while total exports fell to SAR 273.8 bn. This level is almost the lowest value since 3Q 2020.

Oil exports still on a downward path: dipping 15.8% y-o-y during the quarter to SAR 186 bn. Meanwhile, the share of oil exports out of total exports decreased by 6.8 percentage points to 67.9% over the same period.

BREAKING DOWN NON-OIL EXPORTS-

Non-oil exports are still in the lead: The ratio of non-oil exports to imports inched up by 1.5 percentage points y-o-y to 37.3% in 2Q 2025, despite imports increasing 13.1%.

Chemical goods remain the Kingdom’s top non-oil exports, accounting for 23% of total non-oil exports at SAR 20.2 bn, up 5.8% y-o-y. Machinery, electrical equipment and parts came in second place, jumping 120.8% y-o-y to SAR 19.1 bn and accounting for 21.7% of non-oil exports.

Machinery and electrical equipment were the most imported goods during the quarter, accounting for 28.9% of all imports at SAR 68.1 bn, a 28.7% y-o-y increase. Transportation equipment and parts came in second with SAR 31.6 bn, marking a 12.1% y-o-y increase and representing 13.4% of imports.

OUR TRADING PARTNERS-

China still wears the crown: China was the main destination for the Kingdom’s exports, receiving 14.2% of total exports at SAR 38.8 bn, an 18.9% y-o-y. The UAE came in second place with 10% of total exports, followed by India (8.8%). South Korea, Japan, Egypt, the US, Bahrain, Malta, and Poland rounded out the top 10 export markets.

China also held first place for the Kingdom’s imports, accounting for 27.4% of our imports at SAR 64.6 bn, followed by the US (8.5%) and the UAE (6.2%). India, Germany, Japan, Italy, Switzerland, France, and the UK rounded out the top 10.

The main ports: Dammam’s King Abdulaziz Port received 26.2% of the Kingdom’s total imports in 2Q, followed by Jeddah Islamic Port (22.6%) and Riyadh’s King Khalid International Airport (13.4%).

ON A MONTHLY BASIS-

Non-oil exports rose 8.4% y-o-y in June to SAR 17.9 bn, according to Gastat’s preliminarydata for June (pdf). Total non-oil exports — including re-exports — were up 22.1% y-o-y, as re-exports soared 60.2% y-o-y to hit SAR 9.6 bn. Merchandise exports saw a 3.7% y-o-y increase to hit SAR 92.1 bn during the month.

oil exports dropped 2.5% y-o-y to SAR 64.7 bn during the month, stretching its downward trend, according to preliminary data from Gastat (pdf). Meanwhile, oil exports’ share of total exports decreased by 4.6 percentage points y-o-y to 70.2%.

REMEMBER- Opec+ agreed to accelerate oil production increments, adding 411k bbl / d in June and July. The resulting lower oil prices have increased the risk of wider budget deficits and higher public debt for the Kingdom.

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