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

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.