Saudi Arabia’s non-oil exports experienced a significant increase of 19.7% in November, reaching SR26.92 billion ($7.18 billion), highlighting efforts to diversify the nation’s economy.
The General Authority for Statistics reported that chemical products were the largest contributors, representing 24% of non-oil exports, with plastic and rubber products following at 21.7%.
As part of the Vision 2030 initiative, Saudi Arabia aims to strengthen its non-oil sector, which now forms 52% of the GDP, according to Economy and Planning Minister Faisal Al-Ibrahim.
GASTAT noted an improvement in the non-oil export to import ratio, rising to 36.6% in November 2024 from 34.8% in November 2023, driven by increases in both exports and imports.
Overall merchandise exports declined by 4.7% due to a 12% drop in oil exports, reducing oil’s share in total exports to 70.3%, down from 76.3% the previous year, indicating progress in economic diversification.
China remained the top trading partner, importing SR13.53 billion worth of goods from Saudi Arabia. Other major export destinations included Japan, the UAE, and India.
Imports into Saudi Arabia grew by 13.9% to SR73.65 billion, although the trade surplus decreased by 44.3% to SR16.89 billion.
China was the leading supplier of imports, followed by the US and the UAE. King Abdulaziz Sea Port in Dammam was the main entry point, processing SR18.19 billion in goods.