We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies.

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

  • News
  • Business
  • Education
  • Technology
  • Health
  • Travel
Khaleej Mag
  • News
  • Business
  • Education
  • Sports
  • More
    • Health
    • Entrepreneurship
    • Islam
    • Technology
    • Travel
    • Contact Us
  • Facebook

  • Twitter

  • Instagram

  • LinkedIn

  • RSS

Business

Saudi Arabia’s Trade Surplus Hits SR44.89 Billion in Q4 2024 Amid Non-Oil Export Growth

Saudi Arabia’s Trade Surplus Hits SR44.89 Billion in Q4 2024 Amid Non-Oil Export Growth
RTX
February 25, 2025

Saudi Arabia recorded a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a 17.3 percent year-on-year surge in non-oil exports, according to the General Authority for Statistics (GASTAT). This increase highlights the Kingdom’s ongoing economic diversification efforts aimed at reducing reliance on oil revenues.

Non-oil exports rose to SR82.05 billion in the fourth quarter, compared to SR69.97 billion during the same period in 2023. Excluding re-exports, non-oil shipments increased by 8.2 percent, while re-exported goods surged by 47.3 percent. Despite the rise in non-oil exports, Saudi Arabia’s overall trade surplus dropped by 52.4 percent year-on-year due to a 13.3 percent decline in oil exports, reflecting production cuts aligned with OPEC agreements.

The Kingdom’s non-oil export sector was led by chemical products, which accounted for 25.8 percent of total outbound shipments, followed by plastic and rubber products at 22.4 percent. Meanwhile, total merchandise exports fell by 6.1 percent year-on-year in the fourth quarter, reaching SR277.93 billion. The share of oil exports in total shipments decreased from 76.4 percent in Q4 2023 to 70.5 percent in Q4 2024.

China remained Saudi Arabia’s largest trading partner during this period, receiving SR40.88 billion worth of goods. Other key trade destinations included Japan (SR27.35 billion) and India (SR26.68 billion). On the import side, Saudi Arabia’s inbound shipments increased by 15.5 percent year-on-year to SR233.04 billion, with China accounting for SR59.66 billion, followed by the United States (SR21.07 billion) and the UAE (SR12.63 billion). King Abdulaziz Sea Port in Dammam served as the main entry point for imports, handling SR66.19 billion worth of goods, representing 28.4 percent of total inbound shipments.

In December alone, non-oil exports grew by 18.1 percent year-on-year, reaching SR29.45 billion. Chemical products made up 25.9 percent of these exports, while plastic and rubber products accounted for 22 percent. Despite this growth, the ratio of non-oil exports to imports dropped from 40.1 percent in December 2023 to 37.3 percent in December 2024, due to imports rising at a faster rate (27.1 percent year-on-year) to reach SR79.03 billion.

Saudi Arabia’s leading export destinations in December included China (SR12.52 billion), South Korea (SR9.80 billion), Japan (SR9.71 billion), and India (SR9.11 billion). Imports were dominated by shipments from China (SR18.60 billion), the United States (SR7.17 billion), and the UAE (SR4.30 billion). King Abdulaziz Sea Port continued to be the primary entry point for imports, processing goods worth SR22.01 billion, or 27.8 percent of total inbound shipments.

 

Comments

Related ItemsBusiness
Click to add a comment

You must be logged in to post a comment Login

Leave a Reply

Cancel reply

You must be logged in to post a comment.

Business
February 25, 2025
RTX @KhaleejMag

Related ItemsBusiness

More in Business

Oil Prices Slip as Traders Weigh U.S. Demand Outlook and India’s Response to Tariffs

Web ReporterAugust 28, 2025
Read More

Oil Prices Steady as Ukraine War, U.S. Tariffs on India Weigh on Market

Web ReporterAugust 27, 2025
Read More

Oil Prices Dip After Sharp Gains as Geopolitical Tensions Remain in Focus

Web ReporterAugust 26, 2025
Read More

Saudi Arabia’s Non-Oil Exports Surge as Diversification Gains Momentum

Web ReporterAugust 26, 2025
Read More

Saudi Arabia’s Non-Oil Exports Surge 17.8% in Q2 2025 as Diversification Accelerates

Web ReporterAugust 25, 2025
Read More
Secure Business Chat

Why Gem Team Emerged as a Best-in-Class Team Chat App

Web DeskAugust 24, 2025
Read More

Oil Prices Edge Higher as Ukraine Conflict Escalates and US Stocks Fall

Web ReporterAugust 22, 2025
Read More

Saudi Arabia Sets New Rules for Foreign Investment in Securities with 49% Ownership Cap

Web ReporterAugust 18, 2025
Read More

Oil Prices Climb as U.S. Criticizes India’s Purchases of Russian Crude

Web ReporterAugust 18, 2025
Read More
Scroll for more
Tap
  • Recent
  • Popular
  • Tags

Khaleej Mag
Khaleej Mag is your premier source for insightful stories, vibrant culture, and dynamic perspectives from across the Arabian Gulf region and the rest of the world. Explore the essence of Gulf life with captivating articles, stunning visuals, and exclusive features. Stay informed, inspired, and connected with Khaleej Mag. Contact us at editor@khaleejmag.com.

Follow Us

  • X
  • Facebook
  • LinkedIn
  • Instagram

Copyright © 2018 Khaleej Mag

Saudi Arabia’s Vision 2030 Boosts Regional Capital Markets, Reports Moody’s
Saudi Arabia Raises €2.25 Billion in Euro-Denominated Bond Sale, Including First Green Tranche