Saudi Arabia’s share of global trade is expected to rise significantly in the coming years. According to recent data from the General Authority for Statistics (GASTAT), non-oil exports, including re-exports, grew by 10.5% in the second quarter of 2024. These exports reached approximately SAR 73.73 billion ($19.65 billion), up from SAR 66.74 billion in the same period last year.
When excluding re-exports, non-oil exports increased by 1.4%, totaling SAR 51.4 billion in Q2 2024, compared to SAR 50.69 billion in Q2 2023.
Trade Balance and Total Exports
Despite the growth in non-oil exports, total merchandise exports slightly declined by 0.2% year-on-year, reaching approximately SAR 249.51 billion in Q2 2024. The trade balance surplus for the quarter stood at around SAR 98.37 billion, down from SAR 104.7 billion in the same period last year.
Dr. Mohammed bin Dulaim Al-Qahtani, Professor of International Business at King Faisal University, highlighted that Saudi Arabia’s foreign trade volume reached approximately SAR 491 billion ($130.9 billion) in Q2 2024. During this period, imports rose by 3.3%.
Vision 2030: Driving Economic Diversification
Al-Qahtani credited the growth to Vision 2030, which aims to diversify the Saudi economy away from oil dependency. He noted that Vision 2030 has significantly expanded export markets, diversified revenue sources, and enhanced global competitiveness.
Despite these achievements, Al-Qahtani identified several challenges facing Saudi foreign trade, including oil price fluctuations, geopolitical tensions, slowing global economic growth, increased transportation and insurance costs, and supply chain disruptions.
Emerging Sectors and Strategic Reforms
Among the fastest-growing sectors in Saudi trade are manufacturing industries, particularly petrochemicals and plastic products. The technology and digital services sectors also showed strong growth, reflecting the global shift toward knowledge-based economies.
Dr. Osama bin Ghanem Al-Obaidi, an advisor and professor of commercial law, emphasized the crucial role of foreign trade in the Kingdom’s economic growth. He praised the significant economic reforms introduced under Vision 2030, which have bolstered the non-oil export sector.
Al-Obaidi highlighted the growth in Saudi non-oil exports, such as chemicals, polymers, minerals, dates, food products, pharmaceuticals, and aluminum. He attributed this expansion to the credit facilities provided by the Saudi Export-Import Bank, which have facilitated Saudi products’ entry into international markets.
