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The kingdom’s non-oil exports grew 5.1% y-o-y in October, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports including re-exports were up 12.7% y-o-y with re-exports increasing in value by 47.1% over the same period. Meanwhile, imports fell 3.8% in October, while the surplus of the merchandise trade balance declined 28.6% y-o-y.
Non-oil exports maintained their lead over imports: The ratio of non-oil exports to imports jumped 5.1 percentage points y-o-y to 35.2% in October, on the back of a 12.7% rise in non-oil exports, while imports fell 3.8%.
Chemical goods are still our biggest non-oil export category, accounting for 26.8% of total non-oil exports in October, down 3.7% y-o-y. Plastics, rubber, and their derivatives followed, accounting for 23.7% of non-oil exports, remaining basically unchanged compared to last year.
MEANWHILE- Merchandise exports decreased 10.7% y-o-y, driven by a 17.2% decrease in oil exports. Oil exports accounted for 72.6% of total exports in October, down from 78.3% in the same period last year.
No surprise here — China is still our top trading partner: The Kingdom’s merchandise exports to China made up 16.1% of total exports in October, followed by India (9.5%) and Japan (9.4%). Meanwhile, imports from China accounted for nearly a quarter (24.4%) of Saudi’s total imports in the same period, followed by the US (7.9%) and the UAE (6%).
Topping the list of suppliers: The US accounted for 7.9% of the Kingdom’s total imports, followed by the UAE (6%), making them our second and third biggest sources of imports after China. India, Germany, Italy, Egypt, Japan, South Korea and the UK were among the Kingdom’s top 10 import markets, accounting for a combined 64.1% of total imports.
Ports in focus: Dammam’s King Abdulaziz Port handled 29.4% of imports in October 2024, followed by Jeddah Islamic Port (20.5%), and Riyadh’s King Khalid Int’l Airport (13.4%).
ON THE OIL FRONT-
Oil exports are trending low: Oil’s share of total exports dropped by 5.7 percentage points y-o-y to 72.6% in October 2024, with total oil exports dropping 17.2% y-o-y.
