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Saudi Arabia’s non-oil exports rose by 17.8 per cent in Q2 2025, according to official data, reflecting growth in both re-exports and national exports.
The increase included a 46.2 per cent surge in re-exports, while national non-oil exports, excluding re-exports, grew by 5.6 per cent, according to Saudi Arabia’s General Authority for Statistics.
The ratio of non-oil exports, including re-exports, to imports rose to 37.3 per cent in the second quarter from 35.8 per cent in the same quarter of 2024.
This was driven by the 17.8 per cent growth in non-oil exports, which outpaced a 13.1 per cent increase in imports during the period.
In contrast, a 15.8 per cent decline in oil exports in Q2 led to a 7.3 per cent year-on-year drop in total merchandise exports. This, combined with the rise in imports, pushed the merchandise trade balance surplus down by 56.2 per cent compared to the same quarter of 2024.
Oil’s share of the kingdom’s total exports slipped from 74.7 per cent to 67.9 per cent, reflecting a gradual rebalancing of the export basket.
Chemical products and machinery were the top non-oil exports and imports, respectively, with China continuing to be the primary trading partner in Q2 2025.
June showed a positive trend for non-oil exports in Saudi
However, monthly data for June showed a more positive trend, with non-oil exports surging by 22.1 per cent, outpacing a modest 1.7 per cent increase in imports. This lifted the trade balance surplus by 10.6 per cent year-on-year.
Even with oil exports falling by 2.5 per cent, the non-oil momentum was sufficient to keep overall merchandise exports in positive territory, rising 3.7 per cent.
Oil’s share of exports in June narrowed further, dropping from 74.7 per cent in June 2024 to 70.2 per cent.
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