Saudi Arabia’s non-oil shipments surge 12.7 percent in October despite decline in oil trade

(MENAFN) Saudi Arabia experienced a notable 12.7 percent year-on-year growth in its non-oil exports in October 2024, according to data from the General Authority for Statistics (GASTAT). This increase reflects the kingdom’s ongoing efforts to diversify its economy away from oil dependency. National non-oil exports, excluding re-exports, saw a more modest growth of 5.1 percent. Additionally, re-exported goods posted a significant increase of 47.1 percent, signaling strong demand for products being traded through the kingdom.

However, the broader picture for merchandise exports was less positive, with a 10.7 percent decline recorded in October 2024 compared to the same month the previous year. This drop was primarily due to a substantial 17.2 percent decrease in oil exports, highlighting the challenges faced by the oil sector. As a result, the share of oil exports in total exports dropped from 78.3 percent in October 2023 to 72.6 percent in October 2024, demonstrating the growing importance of non-oil sectors in Saudi Arabia’s export economy.

On the import side, Saudi Arabia saw a decrease of 3.8 percent in imports in October 2024. Despite this reduction, the overall surplus in the merchandise trade balance fell by 28.6 percent compared to October 2023, partly due to the lower oil export revenues.

These figures reflect the ongoing economic adjustments and shifts in trade dynamics as Saudi Arabia continues to focus on economic diversification through initiatives like Vision 2030.

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