S. Arabia’s non-oil exports rise in Nov ’24

Saudi Arabia’s non-oil exports rose by 19.7 per cent in November 2024 compared to the same month in 2023, driven by an 82.9 per cent surge in re-exports and a 2.1 per cent rise in national non-oil exports.

Merchandise exports declined by 4.7 per cent, primarily due to a 12.3 per cent drop in oil exports, reducing oil’s share of total exports from 76.3 per cent in November 2023 to 70.3 per cent in November 2024.

Imports increased by 13.9 per cent, narrowing the trade balance surplus by 44.3 per cent year-on-year. The ratio of non-oil exports to imports improved to 36.6 per cent from 34.8 per cent in the same period.

Chemical products remained the top non-oil export, comprising 24 per cent of the total, despite a 1.6 per cent decline. Plastics and rubber products followed, representing 21.7 per cent of non-oil exports but fell by 4 per cent. Machinery and electrical equipment dominated imports, accounting for 28.1 per cent, rising by 22.4 per cent, while transportation equipment made up 14.2 per cent with a 22 per cent increase.

China was Saudi Arabia’s largest trading partner in November 2024, receiving 14.9 per cent of total exports and supplying 27.3 per cent of imports. Japan and the UAE followed as key export destinations, while the US ranked second in imports.

King Abdulaziz Sea Port handled 24.7 per cent of total imports, leading entry points, followed by Jeddah Islamic Sea Port with 23.9 per cent.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama