Saudi Arabia’s Non-Oil Exports Hit Record $137 Billion in 2024
Saudi Arabia’s non-oil exports reached an unprecedented 515 billion Saudi riyals ($137.33 billion) in 2024, a 13% increase over the previous year, according to the Saudi Press Agency. The figures, drawn from the Saudi Export Development Authority, reflect the kingdom’s broader push to diversify its economy beyond oil under its Vision 2030 plan.
Merchandise exports rose to 217 billion Saudi riyals, supported by a 2% gain in petrochemical products and a 9% increase in non-petrochemical goods. Services exports also set a new record, rising 14% to 207 billion Saudi riyals. Re-exports totaled 90 billion Saudi riyals.
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Abdulrahman Althukair, CEO of the Saudi Export Development Authority, credited the growth to efforts to expand global market access for Saudi products. “We continue to support exporters through training, promotion, and advisory programs,” Althukair said.
Saudi Arabia exported to more than 180 countries in 2024, with petrochemical goods making up 68% of total export volume.
The data points to the kingdom’s ongoing effort to shift its economy toward sectors such as manufacturing, technology, and tourism. Vision 2030, spearheaded by Crown Prince Mohammed bin Salman, seeks to attract foreign investment, stimulate private sector growth, and develop new industries to reduce dependence on oil revenues.
Saudi Arabia’s strong export performance in a challenging global environment suggests that its economic transformation strategy is gaining momentum.
