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The Kingdom’s non-oil exports rose 7.6% y-o-y in 3Q 2024, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports including re-exports were up 16.8% y-o-y, with re-exports increasing in value by 48.4% over the same period. Meanwhile, imports were up 11.4% y-o-y last quarter, and the surplus of the merchandise trade balance declined 43.4% over the same period.
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A big jump from 2Q: Non-oil exports grew at a much faster pace in 3Q 2024 compared to the previous quarter, with the figure accelerating nearly 6 full percentage points from 1.4% in 2Q 2024.
Non-oil exports grew faster than imports: The ratio of total non-oil exports to imports rose to 36.6% y-o-y in 3Q, up from 34.9%.
Chemical products accounted for 25.5% of total non-oil exports, recording a 5.3% y-o-y increase in 3Q. This was followed by plastics, rubber, and their products, which made up 24.9% of total non-oil exports, with an 8.9% y-o-y rise.
Machinery, electrical equipment, and parts constituted 26.5% of total imports in 3Q, showing a 30.8% y-o-y increase. Transportation equipment and parts followed, representing 15.0% of total imports, with a 9.0% y-o-y increase.
MEANWHILE- Merchandise exports fell 7.7% y-o-y in 3Q, on the back of a 14.9% decrease in oil exports. Oil exports accounted for 71.4% of total exports in 3Q, down from 77.3% in 3Q 2023.
China remains our number one trade partner: Saudi exports to China accounted for 15.2% of total exports in 3Q, followed by Japan at 9.3%, and South Korea at 9.2%. Chinese products and services also accounted for the largest share of Saudi’s imports during the quarter (24.8%), followed by the USA (8.1%) and India (5.1%).
