Saudi Arabia’s non-oil exports rise 17.3% in Q4, trade surplus at $11.97bn.
Saudi Arabia recorded a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a 17.3 percent year-on-year surge in non-oil exports, official data showed.
According to the General Authority for Statistics, the Kingdom’s non-oil exports in the fourth quarter rose to SR82.05 billion, up from SR69.97 billion in the same period of 2023. Non-oil exports, excluding re-exports, increased 8.2 percent, while re-exported goods surged 47.3 percent.
While Saudi Arabia’s trade surplus grew in the fourth quarter, it remained 52.4 percent lower year-on-year as oil exports fell 13.3 percent, aligned with the output cut agreement made by OPEC. The rise in non-oil exports underscores the progress of the Kingdom’s economic diversification efforts, which aim to transform the nation’s fiscal landscape and reduce reliance on crude revenues.
Despite a rise in outbound shipments for non-oil goods, Saudi Arabia’s overall merchandise exports decreased by 6.1 percent year on year in the fourth quarter, reaching SR277.93 billion, driven by a 13.3 percent decline in oil exports.
Source: ARABNEWS
