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

Saudi Arabia recorded a 12.7 per cent increase in non-oil exports, including re-exports, in October 2024 compared to the same period in 2023, while national non-oil exports, excluding re-exports, rose by 5.1 per cent. Re-exported goods surged significantly by 47.1 per cent year-on-year (YoY) during the reporting period, according to an official report released by the General Authority for Statistics on Wednesday.

However, merchandise exports declined by 10.7 per cent, driven by a 17.2 per cent drop in oil exports. Consequently, the share of oil exports in total exports fell from 78.3 per cent in October 2023 to 72.6 per cent in October 2024.

Imports Decline; Trade Balance Surplus Narrows

Imports decreased by 3.8 per cent during the same period, while the surplus in the merchandise trade balance contracted by 28.6 per cent YoY.

The ratio of non-oil exports (including re-exports) to imports improved, reaching 35.2 per cent in October 2024, compared to 30.1 per cent a year earlier.

Key Export and Import Commodities

Chemical products emerged as the leading non-oil export, accounting for 26.8 per cent of total non-oil exports, despite a 3.7 per cent decline compared to October 2023. Plastics, rubber, and related products followed, contributing 23.7 per cent of total non-oil exports, with a marginal 0.1 per cent decrease.

On the import side, machinery, electrical equipment, and parts dominated, representing 25.7 per cent of total imports, with a 6.9 per cent YoY increase. Transport equipment and parts ranked second, comprising 15.3 per cent of total imports, but saw a notable 21.6 per cent decline compared to October 2023.

China Tops Saudi Arabia’s Trade Partners

China remained Saudi Arabia’s leading merchandise trading partner, receiving 16.1 per cent of the Kingdom’s total exports. India and Japan followed, accounting for 9.5 per cent and 9.4 per cent of total Saudi exports, respectively. Collectively, the top 10 export destinations, including South Korea, the UAE, and Egypt, accounted for 67.0 per cent of total exports.

For imports, China also led the list, contributing 24.4 per cent of total imports. The United States (7.9 per cent) and the UAE (6.0 per cent) followed. The top 10 imports-receiving countries,  included Germany, India, and Japan, represent 64.1 per cent of total imports.

Major Customs Ports for Imports

The King Abdul-Aziz Sea Port in Dammam handled 29.4 per cent of total imports in October 2024, making it the primary gateway for merchandise goods. Other key ports included Jeddah Islamic Sea Port (20.5 per cent), King Khalid International Airport in Riyadh (13.4 per cent), King Abdul-Aziz International Airport (6.9 per cent), and King Fahad International Airport in Dammam (6.1 per cent). Together, these five ports handle 76.2 per cent of Saudi Arabia’s total imports.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama