Saudi Non-oil Exports Passed $137bn Last Year

This achievement represents a significant 13 per cent increase compared to the previous year and an impressive growth of over 113 per cent since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SR217bn ($57.8bn/+4 per cent), fuelled by respective increases of 2 per cent and 9 per cent in petrochemical and non-petrochemical exports.

Saudi non-oil exports

Notably, re-exports surged to SR90bn ($24bn), demonstrating a remarkable 205 per cent growth since the inception of Vision 2030.

Services exports also reached an all-time high of SR207bn ($55.2bn), exhibiting a 14 per cent year-on-year increase and a substantial 220 per cent rise since Vision 2030’s announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom’s sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority’s commitment to facilitating national companies’ access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services.

This aligns with Vision 2030’s goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SR149bn ($39.7bn), constituting 68 per cent of total commodity exports, and registered a 2 per cent increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SR69bn ($18.4bn/32 per cent of total commodity exports), the highest value in recent years.

This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials.

Fertiliser exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5 per cent year-on-year, and more than fivefold in value since the launch of Vision 2030.

Saudi Arabia’s re-export sector also delivered a historic performance in 2024, reaching SR90bn ($24bn), a 205 per cent increase compared to 2016, a 42 per cent rise year-on-year, and a 114 per cent increase compared to 2019.

This was primarily driven by the re-export of mobile phones, which reached a record value of SR25bn ($6.7bn), more than doubling their 2023 value.

The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84 per cent of total re-exports in 2024.

Notably, re-exports of aircraft parts also experienced substantial growth, increasing from SR1.6bn ($427m) in 2022 to over SR2bn ($533m) in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to more than 180 countries, with 37 countries registering record import values, including:

• UAE
• Bahrain
• Iraq
• Oman
• Algeria
• Spain
• France
• Poland
• Libya
• Syria

Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SR207bn ($55.2bn) in 2024, marking a 14 per cent year-on-year increase and a 220 per cent rise since 2016.

The travel and tourism sector was a key driver, increasing by 270 per cent since 2016. In 2024, Saudi Arabia welcomed approximately 30m international tourists, contributing to a 150 per cent increase in travel exports compared to 2019, representing 74 per cent of total service exports.

The Kingdom also recorded a 69 per cent increase in international tourist numbers compared to pre-pandemic levels and a 148 per cent increase in tourism revenues compared to 2019.

Saudi Arabia led the G20 in tourist number growth, with a 73 per cent growth rate during the first seven months of 2024 compared to the same period in 2019.

The transportation sector contributed 12 per cent of total service exports, achieving a 5 per cent year-on-year growth.