Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.



Macron Arrives in Kenya Ahead of Africa Summit

French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
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Macron Arrives in Kenya Ahead of Africa Summit

French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)

President Emmanuel Macron on Sunday met with his Kenyan counterpart William Ruto in Nairobi as part of an African visit aimed at renewing France's engagement with the continent after years of strained ties with former colonies.

Macron is to co-host a two-day summit starting on Monday, bringing together African leaders and business executives, as he seeks to cement his legacy one year before the end of his term.

The meeting will focus on economic development and cross-border investment, among other themes, the French presidency said, stressing that it will be the first such forum held in an English-speaking country.

Macron hopes to highlight France's renewed relationship with the continent as a "report card on his Africa policy", said one diplomat.

Anti-French sentiment runs high in some former African colonies as the continent becomes a renewed diplomatic battleground, with Russian and Chinese influence growing.

Once master of vast expanses of northern, central and western Africa, France has played a crucial role in the continent's post-colonial history, repeatedly intervening militarily since the early 1960s.

France has vowed to abandon the so-called "Francafrique" strategy, under which Paris sought to keep francophone Africa under its thumb through political collusion, exclusive access for French businesses and oblique financial deals, including graft.

Macron arrived in English-speaking Kenya from Egypt and is also due to travel to Ethiopia as part of his Africa tour.


China, US to Hold Trade Talks in South Korea Next Week

 Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
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China, US to Hold Trade Talks in South Korea Next Week

 Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)

Senior Chinese and US officials will hold talks in South Korea next week, Beijing's commerce ministry and Washington's Treasury secretary said Sunday, ahead of an expected summit between leaders Xi Jinping and Donald Trump.

The Chinese commerce ministry said in a statement that Vice Premier He Lifeng, Beijing's top economic official, will attend "consultations on mutual economic and trade issues" on Tuesday and Wednesday.

US Treasury Secretary Scott Bessent said in a post on X: "On Wednesday, I will stop in Seoul for a discussion with Vice Premier He Lifeng of China, before continuing on to Beijing for the Leaders' Summit between President Trump and President Xi."

Trump is set to visit China for a high-stakes summit with Xi, with the two leaders expected to focus on easing tensions over trade and Taiwan, with the war in the Middle East looming large over talks.

While Washington and Beijing slapped tit-for-tat tariffs on each other's exports a year ago, Trump and Xi agreed on a year-long trade truce at their October meeting in South Korea.


Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery

President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
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Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery

President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)

The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if ‌flows resume, ‌Saudi Aramco’s CEO said on ‌Sunday, ⁠as shipping disruptions ⁠choke traffic through the Strait of Hormuz.

"Our objective is simple: keep energy flowing, even when the system is under strain," Amin Nasser told Reuters in a statement after Aramco reported a 25% ⁠jump in net profit in ‌its first-quarter.

Global energy supplies ‌have been sharply squeezed by Iran’s blockade of ‌the Strait of Hormuz, which ‌has curtailed shipping and driven prices higher following the US-Israeli war.

"Reopening routes is not the same as normalizing a market that has ‌been deprived of about one billion barrels of oil," Nasser said, ⁠adding ⁠that years of underinvestment have compounded the strain on already-low global inventories.

Aramco has used its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a "critical lifeline" to mitigate the global supply crisis.

Despite shifts in shipping routes, Nasser reiterated that Asia remained a key priority for the company and was central to global demand.