Saudi Arabia’s trade surplus recorded a sharp rise in November, driven by a surge in non-oil exports that pushed the surplus up by 70.2%, highlighting a deepening structural shift in the Kingdom’s economy beyond short-term fluctuations in oil markets.
Non-oil exports rose by 20.7%, reflecting the growing effectiveness of Saudi Arabia’s strategy to diversify its economic base and reduce its historic dependence on energy prices.
The expansion was led by the sectors of machinery, electrical equipment and devices, which accounted for about 24.2% of total non-oil exports. Re-exports also surged by 53.1%, which underscored Saudi Arabia’s emergence as a regional logistics hub connecting global markets. This trend was reflected in King Abdulaziz International Airport’s position as the leading gateway for non-oil exports.
National non-oil exports, excluding re-exports, grew by 4.7%, while oil exports increased by 5.4%. Meanwhile, the share of oil exports in total exports declined to 67.2%, compared with 70.1% in November last year, signaling gradual progress in reducing reliance on hydrocarbons.
Imports edged down by 0.2% compared with November 2024, helping lift the ratio of non-oil exports to imports to 42.2%. This improvement contributed to the significant expansion of the merchandise trade surplus.
China remained Saudi Arabia’s largest trading partner, accounting for 13.5% of total exports and 26.7% of total imports. The United Arab Emirates and Japan ranked second and third among export destinations, while the United States and the UAE followed China among sources of imports.
At the level of ports and gateways, King Abdulaziz Port emerged as the primary entry point for imports, with a 22.8% share, while King Abdulaziz International Airport led non-oil export outlets, accounting for 17.2% of total operations in this segment.
A Rapid Structural Transformation
Economists say the latest figures reflect an accelerating structural transformation in the Saudi economy, driven by tangible progress in diversification and the expansion of non-oil exports. They argue that the improvement in the trade surplus is not cyclical but the direct result of industrial and trade policies that are beginning to yield results.
Dr. Abdullah Al-Jassar, a member of the Saudi Association for Energy Economics, said the improvement opens positive prospects for the economy, strengthens the capacity to finance domestic growth without pressure on foreign reserves, and reduces excessive reliance on oil.
Speaking to Asharq Al-Awsat, he noted that the rising ratio of non-oil exports to imports reflects advancing economic diversification and could lead to a doubling of non-oil exports if the national strategy continues to focus on manufacturing, high value-added goods and stronger trade ties with European and Asian markets.
Dr. Hussein Al-Attas, a financial and economic adviser, said a higher trade surplus translates into stronger external inflows, reinforcing the current account and sustaining financial stability while reducing dependence on external financing.
He outlined three scenarios for the period ahead: a likely positive scenario of sustained double-digit growth in non-oil exports; a moderate scenario of slower but steady growth amid a cooling global economy; and a cautious scenario in which geopolitical tensions or tighter global monetary policy weigh on exports, with limited long-term impact due to a diversified production base.
He concluded that the rise in the trade surplus “is not a passing figure, but evidence of a genuine structural transformation in the Saudi economy.”
