Saudi Arabia’s non-oil merchandise exports to Gulf Cooperation Council (GCC) countries reached SR10.99 billion ($2.9 billion) in May 2024, marking a significant increase from SR8.43 billion in the same month last year. This growth highlights the Kingdom’s ongoing efforts to diversify its economy under Vision 2030, reducing reliance on oil revenues.
The General Authority for Statistics (GASTAT) reported that merchandise imports from GCC countries also saw a modest rise from SR6.03 billion to SR6.24 billion during the same period. Consequently, Saudi Arabia’s non-oil trade balance with the GCC improved significantly, climbing to SR4.74 billion from SR2.40 billion a year earlier.
This increase in non-oil exports can be attributed to several factors, including a 33.9 percent rise in the value of re-exports. The Kingdom’s top non-oil exports were chemical products, constituting 23.8 percent of the total non-oil exports, followed by plastics and rubber products at 21.8 percent. The dynamic labor market and initiatives aimed at boosting female workforce participation have also played a role in supporting economic growth.
Among the key trading partners, China was the top destination for Saudi exports, accounting for 15.2 percent of total exports, followed by South Korea and India with 9.8 percent and 7.7 percent shares, respectively. On the import side, China also led, constituting 25 percent of total imports, followed by the United States and the UAE.
The overall trade dynamics reflect Saudi Arabia’s strategic efforts to enhance its economic partnerships and expand its non-oil export base. These developments are aligned with Vision 2030’s goals of diversifying the economy and enhancing the Kingdom’s global trade footprint.
