S. Arabia’s non-oil exports up by 10.5% in Q2 ’24

Saudi Arabia’s non-oil exports rose by 10.5 per cent in Q2 2024, driven by a 39.1 per cent surge in re-exported goods. National non-oil exports, excluding re-exports, increased by 1.4 per cent. Despite stable merchandise exports from Q1 2024, there was a 0.2 per cent decline year-on-year (YoY), primarily due to a 3.3 per cent drop in oil exports, reducing oil’s share of total exports to 75.0 per cent.

Imports grew by 3.0 per cent, leading to a 6.0 per cent decrease in the merchandise trade balance surplus. However, non-oil exports, including re-exports, increased by 4.3 per cent from Q1 2024, while imports fell by 5.6 per cent, resulting in a 13.2 per cent rise in the trade surplus. Notably, the ratio of non-oil exports to imports improved to 37.6 per cent, up from 35.1 per cent a year earlier.

Chemical products were the largest non-oil export category, comprising 25.6 per cent of non-oil exports despite a 4.6 per cent decline, followed by plastics and rubber products, which increased by 6.7 per cent. Machinery and electrical equipment were the top imports, representing 25.7 per cent of total imports with a 27.4 per cent rise.

China remained Saudi Arabia’s top trading partner, accounting for 16.2 per cent of total exports and 23.1 per cent of total imports. Key export destinations also included South Korea and Japan, while significant imports came from the United States and the United Arab Emirates. King Abdulaziz Sea Port in Dammam was the leading entry point for imports, handling 28.0 per cent of the total, followed by Jeddah Islamic Sea Port and King Khalid International Airport in Riyadh.

Attribution: GASTAT Non-oil exports in Q2 2024

Subediting: M. S. Salama