زيادة الصادرات غير النفطية بنسبة 13.1% متوقعة في عام 2024

The 2024 International Trade Statistics Bulletin from Saudi Arabia reveals encouraging trends in the country’s non-oil exports, despite an overall decline in total commodity exports. Notably, non-oil exports, which include re-exports, surged by 13.1% compared to 2023. Meanwhile, the total exports experienced a decrease of 4.5% year-on-year, while imports rose significantly by 12.5% during the same period.

According to the statistics released today by the General Authority for Statistics, the ratio of non-oil exports to imports increased slightly to 35.3% in 2024, up from 35.1% in the previous year. In contrast, the share of oil exports in total exports decreased notably from 77.3% in 2023 to 73.1% in 2024. This shift indicates a gradual diversification in the kingdom’s export portfolio, aligning with its long-term economic goals.

A closer examination of the data reveals that chemical products lead the non-oil export category, accounting for 25.5% of total non-oil exports. This highlights the importance of the chemical industry in Saudi Arabia’s economic landscape. On the other hand, the category of “machines, electrical devices, and their parts” emerged as the foremost segment of imports, constituting 25.3% of the total import figures.

China remains the kingdom’s primary trading partner in terms of commodity trade. The data shows that Chinese goods accounted for 15.2% of Saudi Arabia’s total exports in 2024. Imports from China also represented a significant 23.9% of the country’s overall imports for the same year, solidifying the crucial trade relationship between the two economies.

Overall, while the total export figures have seen a decline, the growth in non-oil exports and rising imports suggest a dynamic shift in Saudi Arabia’s trade landscape. The increased reliance on non-oil sectors underscores the kingdom’s efforts to diversify its economy away from traditional oil dependency, promoting a more sustainable and varied economic foundation. This trend bodes well for the future, as it aligns with the objectives set forth in Saudi Vision 2030, aimed at fostering a more resilient and diverse economic environment.

The results outlined in the bulletin are essential for stakeholders and policymakers aiming to navigate and strategize in an evolving global trade landscape. The continuing growth of non-oil exports could serve as a catalyst for job creation and economic development in various sectors beyond oil, enhancing the kingdom’s competitive edge in international markets.

In summary, while the decline in total exports may raise concerns, the significant increase in non-oil exports alongside rising import levels punctuates a shifting economic narrative. The ongoing partnership with China and the focus on industrial and chemical products illustrate the kingdom’s strategic direction toward economic diversification and resilience.