RIYADH — Saudi Arabia's non-oil exports increased by 18.1% in December 2024, compared to the same month in 2023, while re-exports rose by 23.4% during the same period. However, overall merchandise exports declined by 2.8%, and imports grew by 27.1% year-on-year. According to the International Trade Bulletin for December 2024 released today by the General Authority for Statistics (GASTAT), chemical products were the largest segment of non-oil exports, accounting for 25.9% of the total. Meanwhile, data from the fourth-quarter International Trade Bulletin for 2024 indicated that non-oil exports, including re-exports, rose by 17.3% compared to the same quarter in 2023. National non-oil exports (excluding re-exports) increased by 8.2%, whereas re-exports surged by 47.3%. Total merchandise exports in Q4 declined by 6.1% year-on-year, mainly driven by a 13.3% decrease in oil exports. Consequently, the share of oil exports in total exports dropped from 76.4% in Q4 2023 to 70.5% in Q4 2024. Imports in Q4 increased by 15.5%, resulting in a 52.4% decline in the trade surplus compared to Q4 2023.
