Data released by the General Authority for Statistics in the Kingdom of Saudi Arabia on Wednesday showed that non-oil exports from Saudi Arabia – including re-exports – increased by 12.7% in October compared to the same month last year.
At the same time, non-oil exports from Saudi Arabia, excluding re-exports, rose by 5.1% in October on a year-on-year basis, while the share of non-oil exports in total exports increased to 35.2%, compared to 30.1% in October of the previous year.
Meanwhile, the share of oil exports in Saudi Arabia's total exports decreased from 78.3% in October 2023 to 72.6% in October 2024. The largest volume of Saudi exports was to the People's Republic of China, worth 15 billion riyals, followed by India with 8.8 billion riyals, then Japan and South Korea with 8.7 billion riyals and 8.3 billion riyals, respectively.
On the other hand, the value of goods re-exported by Saudi Arabia rose by approximately 47.1% in October, while the value of goods exports decreased by 10.7% year-on-year, due to a 17.2% decline in the country's oil exports.
As for imports, the value of imports to the Kingdom of Saudi Arabia decreased by 3.8% in October year-on-year; however, the trade balance recorded a decline of 28.6%, resulting in a surplus of 20.8 billion riyals due to the drop in oil exports.
The largest share of the Kingdom's imports went to China, amounting to 17.6 billion riyals, followed by the United States with 5.7 billion riyals, and then the United Arab Emirates and India with values of 4.3 billion riyals and 4.1 billion riyals, respectively.
