Saudi Arabia’s non-oil commodity exports to Gulf Cooperation Council (GCC) countries reached SAR9.469 billion In November 2024. This figure includes both national exports and re-exports, marking a substantial annual growth of 43%. The increase amounts to SAR2.844 billion compared to SAR6.624 billion in November 2023. Total commodity imports from GCC states stood at approximately SAR5.663 billion during the same period.
The Saudi non-oil trade balance with GCC countries recorded a surplus of SAR3.718 billion in November 2024. This brings the cumulative surplus to SAR3.805 billion, reflecting an extraordinary annual growth of 4,277.7% compared to the SAR86.9 million surplus in November 2023. These figures are based on preliminary data from the General Authority for Statistics (GASTAT)’s international trade report for November 2024.
UAE Leads Among GCC Trade Partners
Among the GCC nations, the United Arab Emirates (UAE) ranked first in receiving Saudi non-oil exports, with a value of SAR7.176 billion. This accounts for approximately 75.8% of the total exports to GCC countries. Bahrain followed in second place, receiving exports worth SAR929.7 million, representing 9.8% of the total. Kuwait secured third place with exports valued at SAR610.4 million, accounting for 6.4% of the total. Qatar and Oman received exports worth SAR395.8 million and SAR356.4 million, making up 4.2% and 3.8% of the total, respectively.
Overall Non-Oil Export Growth
In addition to the impressive growth in trade with GCC countries, Saudi Arabia’s overall non-oil exports increased by 19.7% in November 2024 compared to the same month in 2023. This surge underscores the Kingdom’s ongoing efforts to diversify its economy and reduce dependence on oil revenues.
However, analysts attribute the spike to Saudi Arabia’s expanding industrial base and GCC-wide infrastructure investments. Enhanced logistics networks and tariff reductions under the Gulf Common Market also played pivotal roles.
Strategic Regional Collaboration
These developments highlight Saudi Arabia’s strengthening economic ties within the GCC and its commitment to expanding non-oil trade. The significant increase in exports and trade surplus reflects the success of the Kingdom’s diversification strategies and its focus on fostering regional economic integration.
Moreover, experts predict continued momentum as Saudi Arabia prioritizes non-oil sectors like manufacturing, tech, and renewable energy. GCC trade integration remains central to long-term economic stability and diversification efforts.
