Saudi Arabia’s non-oil exports increased by 5.5% in August, confirming the country’s Vision 2030 economic diversification plans. The General Authority for Statistics announced that the Kingdom’s trade surplus increased 53.4% in July to 26 billion riyals ($7 billion), the highest level since May 2024.
Non-oil exports, including re-exports, increased by 30.4% year-on-year, supported by exceptional performance in electrical machinery, equipment, and parts, which increased by 191% and accounted for approximately 30% of total non-oil exports. Chemicals came in second with 19.6% of the market, representing a 0.9% increase.
Overall merchandise exports increased 7.8% to 102 billion riyals ($27 billion), while oil exports fell marginally by 0.7%. Imports declined 2.5% to 76 billion riyals ($20 billion), raising the non-oil export-to-import ratio to 44.6%, up from 33.4% the year before.
Economic advisor Hussein al-Attas stated that the significant increase indicates the success of diversification plans, enhanced logistics, and streamlined customs operations. He attributed the increase in re-exports, notably of electronics, to improved port and airport infrastructure.
China remained the top trade partner, accounting for 14% of Saudi exports, followed by the UAE (10.6%) and India (9.4%).
