Saudi Arabia’s non-oil exports rose 13.1% y-o-y in January 2025, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 10.7% y-o-y, aided by a 5.7% increase in re-exports value and a 2.4% increase in merchandise exports over the same period. Meanwhile, imports increased 8.3% y-o-y in January 2025, and the surplus of the merchandise trade balance declined 11.9% y-o-y.

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EXPORTS BREAKDOWN-

Non-oil exports maintained their lead across imports, with the ratio of non-oil exports to imports rising to 36.5% in January 2025, compared to 35.7% in the same month a year ago.

Chemical products accounted for 23.7% of non-oil exports, increasing 14.4% y-o-y. Plastics, rubbers, and their derivatives followed, making up 23% of non-oil exports, with a 10.5% y-o-y rise.

Machinery, electrical equipment, and parts were the most sought after by importers, making up 25.9% of total imports — up by 27.4% y-o-y. Transportation equipment and parts followed, accounting for 13.8% of total imports, with a 10.3% y-o-y increase.

China remains #1 on the trade list: The Kingdom’s merchandise exports to China made up 15.2% of our total exports in January 2025, followed by India (10.9%) and Japan (10.2%). Meanwhile, Chinese goods accounted for just over a quarter (26.4%) of total Saudi imports over the same period, followed by the US (8.3%), and the UAE (5.5%).

ON THE OIL FRONT- Oil’s share of total exports dropped by 2.1 percentage points y-o-y to 72.7% in January 2025, as total oil exports fell 0.4% y-o-y during the same period.

US SLAPS THE KINGDOM WITH 10% TARIFFS-

The latest trade numbers come as the US imposes a 10% tariff on all the Kingdom’s exports, as part of sweeping protectionist measures against all imports.

The Kingdom joins Arab neighbours such as the UAE, Egypt, Qatar, Bahrain, Morocco, Oman, Yemen, Sudan, Kuwait, and Lebanon. However, not everyone in the region was as fortunate, with Syria set to face a 41% tariff, Iraq a 39% tariff, Libya a 31% tariff, Algeria a 30% tariff, Tunisia a 28% tariff, and Jordan a 20% tariff.

It’s still unclear how the tariffs will affect trade relations. Our trade deficit with the US increased 121.6% y-o-y to USD 443.3 mn in 2024, according to the Office of the US Trade Representative. The US exported USD 13.2 bn to the Kingdom in 2024, down 4.8% y-o-y. Meanwhile, imports (which will face the 10% tariff) reached USD 12.7 bn, a 19.9% y-o-y decline.

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