Saudi Arabia's non-oil exports surge 113% since Vision 2030 launch

Arab News

27-04-2025

RIYADH: Saudi Arabia's non-oil exports have surged 113 percent since the launch of Vision 2030 to reach SR515 billion ($137 billion) in 2024, new figures showed.
This number marks a 13 percent year-on-year rise compared to the previous year, the Saudi Press Agency reported.
The newly released figures fall in line with Saudi Vision 2030's goal of building a prosperous economy, with non-oil exports positioned as a key driver of long-term, sustainable development.
It also aligns with the Kingdom's objective to increase the proportion of non-oil exports to 50 percent of the non-oil gross domestic product by 2030.
Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, credited the milestone to ongoing efforts to diversify the economy and enhance the competitiveness of Saudi products.
He emphasized the authority's commitment to supporting businesses through programs focused on training, market access, promotion, and advisory services.
The report highlighted robust growth across all export sectors. Merchandise exports rose 4 percent year on year to SR217 billion, fueled by a 2 percent increase in petrochemical exports and a 9 percent jump in non-petrochemical exports.
Re-exports recorded remarkable growth, reaching SR90 billion in 2024 — a 205 percent surge since 2016. Services exports also hit an all-time high of SR207 billion, representing a 14 percent year-on-year increase and a 220 percent leap compared to the beginning of Vision 2030.
Petrochemical commodity exports accounted for SR149 billion—68 percent of total commodity exports—while non-petrochemical goods, including food, dairy products, minerals, and construction materials, reached SR69 billion, the highest in recent years.
Fertilizer exports saw notable expansion, with volumes rising 5 percent year-on-year and values increasing more than fivefold since 2016.
A major driver behind the rise in re-exports was the booming trade in mobile phones, which more than doubled to SR25 billion in 2024. The integrated logistics zone at King Khalid International Airport also contributed to supply chain efficiencies, further boosting re-export activities.
Machinery, automated devices, transportation equipment, and related parts made up 84 percent of re-exports, while re-exports of aircraft parts climbed from SR1.6 billion in 2022 to over SR2 billion in 2024.
Saudi Arabia's export network now spans over 180 countries, with 37 nations setting new import records in 2024. Key markets include 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 recorded unprecedented import levels.
The Kingdom's services sector, particularly travel and tourism, played a pivotal role in export growth. Services exports reached a record SR207 billion, driven largely by a 270 percent increase in the travel and tourism sector since 2016. Saudi Arabia hosted around 30 million international tourists in 2024, resulting in a 150 percent rise in travel exports compared to 2019, which now account for 74 percent of all service exports.
Tourism revenues surged by 148 percent compared to pre-pandemic levels, while international tourist arrivals rose 69 percent. Saudi Arabia also topped the G20 in tourism growth, recording a 73 percent increase during the first seven months of 2024 compared to the same period in 2019.
The transportation sector contributed 12 percent to total services exports, with a 5 percent annual growth rate.