RIYADH: Saudi Arabia’s non-oil exports saw an annual rise of 24.6 percent in April, reaching SR28.36 billion ($7.56 billion) thanks to a sharp increase in re-exports and a strong performance in chemicals and plastics.
According to data released by the General Authority for Statistics, national non-oil exports — excluding re-exports — grew 6.8 percent during the month, while the value of re-exported goods increased 72 percent.
Saudi Arabia’s non-oil exports hit a record SR515 billion ($137 billion) in 2024, up 13 percent from 2023 and over 113 percent since the launch of Vision 2030 in 2016, which aims to diversify the Kingdom’s economy and reduce its dependence on oil by expanding industrial, mining, and service sectors.
The strong non-oil export performance comes as the World Bank projects Gulf economic growth to accelerate to 3.2 percent in 2025 and 4.5 percent in 2026, driven by the rollback of OPEC+ oil production cuts and continued momentum in non-oil sectors.
In its latest release, GASTAT stated: “Among the most important non-oil exports are plastics, rubber, and their products, which constituted 21.7 percent of total non-oil exports, recording a 4.0 percent increase compared to April 2024.” It added that chemical products followed at 21 percent of the total, with a 2.3 percent year-on-year increase.
The release stated that merchandise exports decreased by 10.9 percent in April compared to the same month of the previous year, as a result of a 21.2 percent decrease in oil exports.
“Consequently, the percentage of oil exports out of total exports decreased from 77.5 percent in April 2024 to 68.6 percent in April 2025,” said the report.
This led to a narrowing of the trade surplus by 61.7 percent compared to the same period last year
The ratio of non-oil exports, including re-exports, to imports rose to 37.2 percent in April, up from 35.4 percent a year earlier — largely due to the increases in non-oil exports and imports of 24.6 percent and 18.3 percent, respectively.
On the import side, machinery, electrical equipment, and parts accounted for 27.7 percent of total imports, rising 25.4 percent year on year. Transportation equipment and parts followed at 17.2 percent, with a 64.5 percent surge.
China remained Saudi Arabia’s top export destination, accounting for 12.6 percent of the total in April. Japan ranked second at 10.1 percent, followed by the UAE at 9.8 percent.
Other key destinations included India, South Korea, and the US, as well as Egypt, Malta, Poland, and Bahrain — with exports to these 10 markets comprising 67.5 percent of total exports.
On the import front, China was also the top origin, representing 25 percent of the total, followed by the US at 7.5 percent and the UAE at 6.8 percent.
Imports from India, Germany, and Japan, as well as Italy, Switzerland, the UK, and France, together made up 66.3 percent of the total.
In terms of customs points, the King Abdulaziz Sea Port in Dammam handled 26 percent of total imports in April, followed by Jeddah Islamic Sea Port at 20.4 percent, King Khalid International Airport in Riyadh at 13.9 percent, King Abdulaziz International Airport at 12.6 percent, and King Fahd International Airport in Dammam at 5.7 percent.
These five ports together accounted for 78.6 percent of total merchandise imports.
The strong performance in non-oil exports comes after Fitch Ratings in February affirmed Saudi Arabia’s long-term foreign-currency issuer default rating at ‘A+’ with a stable outlook, citing the Kingdom’s robust fiscal and external balance sheets. The agency also noted that Vision 2030 has played a central role in diversifying one of the Middle East’s strongest economies.
