Saudi Arabia's Arab League trade exceeds $23.2bln in Q4 2024
RIYADH - Saudi Arabia, propelled by its ambitious Vision 2030, is surpassing economic projections and cementing its position as a significant global force. Its strategic geographical location, connecting three continents, enhances its role as a vital trade and investment hub, supported by progressive economic policies and infrastructure.
The Kingdom's diversification efforts are yielding substantial growth, with non-oil exports and strategic partnerships contributing to record figures.
Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2 percent of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2 percent annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion.
According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3 percent annual growth.
Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were directed to GCC nations, accounting for 14.2 percent of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1 percent of total exports.
Saudi Arabia's imports from Arab League countries totalled SAR28,653 billion, or 12.3 percent of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion.
The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
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