January 2024 witnessed a marginal uptick of 0.8 percent in Saudi Arabia’s non-oil exports, including re-exports, in comparison to the previous year. However, when re-exports are removed from the equation, there was an 11.5 percent drop in non-oil exports despite a 42.6 percent surge in re-exports over the same timeframe. Additionally, there was a reported decrease in the country’s total merchandise exports, attributed largely to a reduction in oil exports. This followed the Kingdom’s decision to cut oil production by an additional 1 million barrels per day starting July 2023.
Total merchandise exports experienced a 10.3 percent year-on-year decrease in January 2024. Concurrently, the proportion of oil exports relative to total exports diminished from 77.6 percent to 74.8 percent. During the same period, Saudi Arabia also reported a 1.4 percent decline in merchandise imports. The merchandise trade balance surplus suffered a significant 26.3 percent decrease when compared to January of the preceding year.
Comparing month-over-month figures, total merchandise exports declined by 3.6 percent from December 2023, and non-oil exports including re-exports fell by 9.7 percent. On the flip side, imports saw a 10.5 percent increase. Consequently, the trade balance surplus experienced a 28.2 percent reduction from December 2023.
The ratio of Saudi Arabia’s non-oil exports to imports climbed slightly to 35.8 percent in January 2024, up from 35.1 percent the year prior. This rise is mainly credited to the boost in non-oil exports coupled with the downturn in imports. Leading the non-oil export category were plastics and rubber products, constituting 23 percent of the Kingdom’s non-oil merchandise exports. This was closely trailed by products from the chemical sector, which comprised 22.9 percent of the total.
The import sector was dominated by machinery and electrical equipment, making up 22 percent of all imports. Not far behind were transport equipment and parts, accounting for 13.6 percent of Saudi Arabia’s total merchandise imports.
China maintained its status as Saudi Arabia’s premier export destination in January 2024, absorbing 15 percent of the total exports. South Korea and Japan followed, with respective shares of 10.3 and 10.1 percent. Other significant export destinations included India, the UAE, the US, Bahrain, Egypt, Taiwan, and France. As for imports, China led the pack with 20.4 percent of the total, followed by the US at 7.8 percent and the UAE at 6.7 percent, with India, Switzerland, Japan, Egypt, South Korea, Germany, and Italy also featuring prominently.
A noteworthy 73.4 percent of Saudi Arabia’s total merchandise imports were processed through its top 5 customs ports:
- King Abdulaziz Sea Port in Dammam, commanding a 25.3 percent share of January’s imports.
- Jeddah Islamic Sea Port, responsible for 20.5 percent of imports.
- King Khalid International Airport in Riyadh, accounting for 14 percent of imports.
- King Abdulaziz International Airport, comprising 7.7 percent.
- King Fahad International Airport in Dammam, handling 5.9 percent.