Oil sector growth and a surge in re-exports pushed Saudi Arabia’s merchandise trade surplus up 26.3% y-o-y in 4Q 2025, according to preliminary Gastat data (pdf). Total merchandise exports rose 7.9% y-o-y to reach SAR 300 bn for the quarter, while total imports increased 4.7% y-o-y to SAR 248 bn.

Oil exports continued to lead the Kingdom’s trade profile, increasing 3.5% y-o-y. However, the share of oil in total exports declined to 67.5% from 70.4% over the same period last year, as the non-oil sector captured a larger portion of total trade value.

Re-exports are still climbing

Total non-oil exports, including re-exports, grew to their highest quarterly level since 2017, recording an 18.6% increase y-o-y to SAR 97.5 bn in 4Q 2025. The primary engine behind this surge was the re-export category, which jumped 67.4% y-o-y.

The main driver? A 78.6% increase in the machinery, electrical equipment, and parts category, which accounted for 23.2% of total non-oil exports.

Non-oil exports see mixed results

Excluding re-exports, national non-oil exports saw a slight dip, decreasing 1.5% y-o-y. Machinery and electrical equipment topped the list of non-oil exports, jumping 78.6% y-o-y. Chemical products followed, representing 20.2% of total non-oil exports, though they recorded a 6.9% decline over the period.

Meanwhile, merchandise imports rose 4.7% y-o-y. Machinery and electrical equipment led the Kingdom’s import mix with a 30.7% share, marking a 23% increase. Transportation equipment and parts came in second at 14.2%, despite a 2.1% decrease compared to 4Q 2024.

Our trading partners

China remained Saudi Arabia’s top trading partner in 4Q 2025, receiving 13.1% of the Kingdom’s exports, followed by the UAE (11.2%) and Japan (9.9%). Meanwhile, India, South Korea, the US, Bahrain, Egypt, Singapore, and Poland completed the top 10 export markets. China also led imports at 27.2%, ahead of the US (8.7%) and the UAE (5.7%), with Germany, India, Japan, Italy, France, Switzerland, and Egypt rounding out the top 10 import sources.

On a monthly basis

Total non-oil exports, including re-exports, increased 7.4% y-o-y in December 2025, according to separate Gestat data (pdf). This was driven by a 43.1% rise in re-exports, while national non-oil exports (excluding re-exports) decreased by 8.5%. Total merchandise exports rose 3.0% y-o-y, contributing to a 7.1% uptick y-o-y in the trade balance surplus.

The ratio of non-oil exports to imports increased to 37.7% in December, compared to 35.9% in the same month the previous year.

MEANWHILE- Oil exports increased 1.0% y-o-y in December 2025. Oil exports’ share of total exports declined to 67.4% during the month, compared to 68.7% in December 2024.

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