Saudi Arabia’s non-oil exports were up 8.2% y-o-y in 4Q 2024, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 17.3% y-o-y, pushed by an 47.3% increase in the value of re-exports over the same period. Meanwhile, imports increased 15.5% y-o-y in 4Q, and the surplus of the merchandise trade balance declined 52.4% y-o-y.

EXPORTS BREAKDOWN-

Non-oil exports maintained their lead over imports: The ratio of non-oil exports to imports rose to 35.2% in 4Q 2024, compared to 34.7% in 4Q 2023.

Chemical products accounted for 25.8% of non-oil exports, increasing 3.9% y-o-y. Plastics, rubbers, and their derivatives followed, making up 22.4% of non-oil exports, with an 8.9% y-o-y rise.

Machinery, electrical equipment and parts made up 26.1% of total imports, up 26.3% y-o-y. Transportation equipment and parts followed, accounting for 15.1% of total imports, recording a 5.5% increase.

China remains #1 on the trade list: The Kingdom’s merchandise exports to China made up 14.7% of our total exports in 4Q 2024, followed by Japan (9.8%) and India (9.6%). Meanwhile, Chinese goods accounted for a quarter (25.6%) of total Saudi imports in the same period, followed by the U.S. (9.0%), and the UAE (5.4%).

ON THE OIL FRONT- Oil exports continue to decline: Oil’s share of total exports dropped by 5.9 percentage points y-o-y to 70.5% in 4Q 2024. Total oil exports fell 13.3% y-o-y during the same period, leading to a 6.1% drop in merchandise exports.

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