Non-oil merchandise exports inched down 0.4% to over SAR 57 bn in 3Q 2025, according to preliminary data (pdf) from the General Authority for Statistics (Gastat). Total non-oil merchandise exports, including re-exports, increased 19.4% y-o-y in the same period, as re-exports inched up 69.6% to hit SAR 38.5 bn.

The trade balance soared 17.2% y-o-y in 3Q into a surplus of SAR 66.1 bn. Total exports inched up 9.5% y-o-y to SAR 303.3 bn, while total imports increased 7.5% y-o-y to SAR 237.2 bn during the period.

Oil exports also surged 5.5% y-o-y in 3Q 2025 to SAR 207.8 bn. Meanwhile, the share of oil exports out of total exports rose decreased to 68.5% of total exports over the same period.

BREAKING DOWN NON-OIL EXPORTS-

Machinery, electrical equipment and parts were the Kingdom’s top non-oil exports, accounting for 26.9% of total non-oil exports at SAR 25.7 bn, up 120.4% y-o-y. Chemical products came in second place, accounting for 21.4% of non-oil exports, despite declining 0.7% over the period to reach SAR 20.4 bn.

On the import side, machinery and electrical equipment were the most imported goods during the quarter, accounting for 30% of all imports at SAR 71.1 bn, a 23.1% y-o-y increase. Transportation equipment and parts came in second with SAR 33.4 bn, marking a 0.7% y-o-y increase and representing 14.1% of imports.

“This pattern points to the growing role of the Kingdom as a regional logistics and distribution hub, supported by stronger port throughput and more efficient supply-chain operations, rather than signalling a broad-based jump in domestic industrial output,” Argaam Investments’ Head of Specialized Research Ahmed Ramzy told EnterpriseAM.

OUR TRADING PARTNERS-

China still wears the crown: China remained the main destination for the Kingdom’s exports, receiving 14.9% of total exports at SAR 45.2 bn, a 6.7% y-o-y increase. The UAE came in second place with 10.8% of total exports, followed by India (9.5%). South Korea, Japan, the US, Egypt, Poland, Malta, and Bahrain rounded out the top 10 export markets.

China also held first place for the Kingdom’s imports, accounting for 27.6% of our imports at SAR 65.5 bn, followed by the US (8.1%) and the UAE (5.6%). Germany, India, Japan, Italy, France, Egypt and Switzerland rounded out the top 10.

The main ports: Dammam’s King Abdulaziz Port received 26.9% of the Kingdom’s total imports in 3Q, followed by Jeddah Islamic Port (21.5%) and Riyadh’s King Khalid International Airport (13.4%).

ON A MONTHLY BASIS-

Non-oil merchandise exports surged to SAR 19.7 bn, increasing 2.8% y-o-y, according to Gastat’s September figures (pdf), while total non-oil exports, including re-exports, inched up 21.7% y-o-y in September, driven by a 72.2% increase in re-exports to hit SAR 12.3 bn. Total merchandise exports rose 14% y-o-y, leading to a 66.3% y-o-y rise in our trade balance to a surplus of SAR 26 bn, the highest level since May 2024.

“These numbers largely mirror global price dynamics and cost pressures on imported inputs,” according to Ramzy. Growth with subdued due to a weak global demand environment — particularly in chemicals — rather than a slowdown in Saudi manufacturing, Ramzy added.

MEANWHILE- Oil exports inched up for the second month in a row to hit SAR 69.3 bn in September, marking a 10.7% y-o-y increase. Oil exports’ share of total exports declined 2 percentage points y-o-y to 68.4% y-o-y during the month.

Looking ahead: Saudi’s role as a regional trade and logistics hub is expected to remain a major driver of trade flows in the medium term. Conversely, the outlook for domestically produced non-oil exports will depend more heavily on global industrial cycles, cost competitiveness, and continued investment in manufacturing value chains. While the recent surge in re-exports is anticipated to normalize in the coming months, the underlying direction remains positive, Ramzy told us.

Tags: