Riyadh: Saudi Arabia has achieved a notable milestone in its Vision 2030 economic diversification efforts with a 13.1% increase in non-oil trade during 2024, according to the International Trade Statistics Bulletin released by the General Authority for Statistics.
Despite a 4.5% decline in total merchandise exports, non-oil exports showed strong momentum, contributing significantly to the kingdom’s trade resilience. The total export value reached 1.145 trillion riyals, while imports rose by 12.5% to 873 billion riyals. This brings the total trade volume for the year to 2.018 trillion riyals.
The ratio of non-oil exports to imports slightly improved to 35.3% in 2024, up from 35.1% in 2023, highlighting the growing importance of non-oil sectors. Chemical products led non-oil exports, while machinery, electrical equipment, and spare parts dominated imports.
China remained Saudi Arabia’s top trading partner, accounting for 15.2% of total exports and 23.9% of imports. The overall growth underscores the kingdom’s steady progress toward economic diversification and reduced dependency on oil revenues.
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